On Friday, Noble (NE) stock hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 90-plus percentile with an improvement to 93, up from 90 the day before.
XWhen looking for the best stocks to buy and watch, be sure to pay attention to relative price strength. IBD's proprietary rating measures share price movement with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the trailing 52 weeks stacks up against all the other stocks in our database.
Decades of market research reveals that the best stocks tend to have an RS Rating of at least 80 in the early stages of their moves.
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Is Noble Stock A Buy?
Noble stock had a recent failed breakout and trading at the 200-day moving average. While offshore drilling stock is not near a proper buy zone right now, see if it manages to form and break out from a proper consolidation. Read "Looking For The Next Big Stock Market Winners? Start With These 3 Steps" for more tips.
Regarding top and bottom line numbers, the company has posted two quarters of rising earnings growth. Revenue growth has also increased over the same time frame.
Noble stock earns the No. 1 rank among its peers in the Oil & Gas-Drilling industry group. Valaris (VAL) and Championx Corporation (CHX) are also among the group's highest-rated stocks.
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The post Noble Stock Showing Market Leadership; Earns 93 RS Rating appeared first on Investor's Business Daily.
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