On Thursday, Valley National Bancorp cleared an important technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 86, up from 80 the day before.
IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock's price movement over the trailing 52 weeks stacks up against all the other stocks in our database.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of above 80 as they launch their biggest price moves.
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Valley National Bancorp is now considered extended and out of buy range after clearing a 9.47 buy point in a first-stage cup with handle. 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.
Valley National Bancorp saw both earnings and sales growth rise last quarter. Earnings-per-share increased from -54% to -31%. Revenue rose from -6% to 0%.
The company earns the No. 66 rank among its peers in the Banks-Northeast industry group. Amalgamated Financial, Chain Bridge Bancorp and Metropolitan Bank are among the top 5 highly rated stocks within the group.
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