On Wednesday, Tenaris ADR reached a key technical benchmark, with its Relative Strength (RS) Rating moving into the 80-plus percentile with an upgrade to 83, up from 79 the day before.
This exclusive rating from Investor's Business Daily identifies market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price movement over the trailing 52 weeks compares to all the other stocks in our database.
Over 100 years of market history reveals that the market's biggest winners typically have an RS Rating of above 80 in the early stages of their moves.
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Tenaris ADR broke out earlier, but has fallen back below the prior 39.51 entry from a cup with handle. In the case where a stock breaks out then falls 7% or more below the entry price, it's considered a failed breakout. If that happens, it's best to wait for a new pattern to take shape. Also keep in mind that the most recent pattern is a later-stage base, and those involve more risk.
Although earnings and sales growth came in at -30% and -10%, respectively, in the latest report, that showed improvement for both EPS and revenue. Tenaris ADR is expected to release its next quarterly numbers on or around Feb. 19.
Tenaris ADR earns the No. 1 rank among its peers in the Steel-Producers industry group. Steel Dynamics and ArcelorMittal ADR are also among the group's highest-rated stocks.
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