One important metric to look for in a stock is an 80 or higher Relative Strength Rating. EnLink Midstream cleared that benchmark Tuesday, with a jump from 80 to 83 Tuesday.
IBD's unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price movement over the last 52 weeks compares to all the other stocks in our database.
History reveals that the best-performing stocks typically have an 80 or higher RS Rating in the early stages of their moves.
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EnLink Midstream is now considered extended and out of buy range after clearing a 14.80 buy point in a first-stage flat base. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Earnings growth increased last quarter from -42% to 0%. But revenue gains fell from 1% to -8%.
EnLink Midstream earns the No. 17 rank among its peers in the Oil&Gas-Transportation/Pipeline industry group. Oneok, Energy Svcs of America and DT Midstream are among the top 5 highly rated stocks within the group.
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