Barrick Gold's (GOLD) stock reached an important milestone on Friday. Its Relative Strength Rating (RS) rating jumped into the 80+ percentile, with an increase to 82 from 76, the day before.
Keep an eye on the relative strength of prices when you are researching which stocks to watch and buy.
IBD's proprietary score measures share price movement with a score ranging from 1 (worst to 99 (best). The rating compares a stock's performance over the past 52 weeks to other stocks in IBD's database.
Market research over the past decades has shown that top performing stocks have an RS rating of more than 80 when they start their largest price movements.
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Barrick Gold broke out before, but it has now fallen below the previous 20.29 entry price from a cup with no handle. When a stock that you are tracking reaches a buy-point, but then falls 7% or higher below its original entry price after clearing the point, it is considered to be a failed basis. Wait for the stock's breakout and new entry price to form. Understand that the latest consolidation is an older base and these bases are more likely to fail.
Gold miner Barrick Gold posted negative growth in both top and bottom line for the last quarter. Barrick Gold will report its next quarter's numbers around May 3.
Alamos Gold ADR (AU), and AngloGold Ashanti ADR ADR (AGI), are also amongst the highest-rated stocks in the group.
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Investor's Business Daily published the article Barrick Gold Stock Reachs 80-Plus Relative strength Rating Benchmark first.