In a welcome move, Cencora saw its Relative Strength Rating rise from 66 to 76 on Tuesday.
IBD's unique RS Rating identifies market leadership by showing how a stock's price action over the last 52 weeks measures up against that of the other stocks in our database.
History reveals that the market's biggest winners tend to have an RS Rating of above 80 in the early stages of their moves. See if Cencora can continue to show renewed price strength and clear that threshold.
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Cencora is still inside a buy range after climbing above a 253.27 buy point in a cup without handle. Once a stock moves 5% or higher beyond the original entry, it's considered out of a proper buying area.
Regarding fundamentals, the company has posted two quarters of increasing earnings growth. Revenue growth has also risen over the same time frame. Cencora is expected to release its next quarterly numbers on or around Feb. 5.
Cencora holds the No. 1 rank among its peers in the Medical-Wholesale Drugs industry group. Cardinal Health and McKesson are also among the group's highest-rated stocks.
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