Credit: Shutterstock photoOn Friday, Summit Materials ( SUM ) received a positive adjustment to its Relative Strength ( RS ) Rating , from 79 to 83.
[ibd-display-video id=2385970 width=50 float=left autostart=true] This exclusive rating from Investor's Business Daily tracks market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks stacks up against all the other stocks in our database.
History reveals that the stocks that go on to make the biggest gains often have an RS Rating north of 80 as they begin their biggest price moves.
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Summit Materials broke out earlier, but has fallen back below the prior 32.69 entry from a flat base . If a stock you're watching breaks past a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new consolidation and breakout. Also understand that the latest consolidation is a later-stage base, and those involve more risk.
Earnings growth rose last quarter from -34% to 181%. But sales fell from 20% to 16%.
The company holds the No. 3 rank among its peers in the Building-Cement/Concrete/Aggregates industry group. ( LOMA ) is the No. 1-ranked stock within the group.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
