On Tuesday, BP (BP) stock received a positive adjustment to its Relative Strength (RS) Rating, from 68 to 74. Energy stocks have been benefitting from recent rebound in oil prices, hitting three-year highs on growing fuel demand and tight supplies due to the hurricanes in the Gulf of Mexico.
As you try to find the best stocks to buy and watch, be sure to pay attention to relative price strength.
This proprietary rating tracks technical performance by showing how a stock’s price movement over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history reveals that the best-performing stocks typically have an RS Rating north of 80 as they begin their biggest climbs. See if BP can continue to rebound and clear that threshold.
Is BP Stock A Buy?
BP stock is etching the right side of consolidation with a 28.59 buy point. See if the stock can break out in heavy trading. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips. Also, check out “Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks.”
Earnings growth slowed last quarter from 225% to 146%. But sales moved higher, from 18% to 81%. The next quarterly numbers are expected on or around Oct. 27.
BP stock holds the No. 15 rank among its peers in the Oil & Gas-Integrated industry group. Equinor ASA Adr (EQNR) and Marathon Oil Corporation (MRO) are also among the group’s highest-rated stocks. For more industry news, check out “Energy Stocks And Industry News: Oil, Gas, Solar, Coal.”
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