Credit: Shutterstock photoStatoil ( STO ) had its Relative Strength ( RS ) Rating upgraded from 69 to 76 Wednesday -- a welcome improvement, but still short of the 80 or better score you look for.
[ibd-display-video id=2368044 width=50 float=left autostart=true] IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matched up against all other stocks.
Over 100 years of market history shows that the top-performing stocks tend to have an RS Rating of above 80 as they begin their biggest runs. See if Statoil can continue to rebound and hit that benchmark.
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Statoil is now considered extended and out of buy range after clearing an 18.49 buy point in a first-stage double bottom . See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week moving average.
Statoil posted -7% EPS growth in its most recent report. Sales rose 12%.
Statoil holds the No. 11 rank among its peers in the Oil & Gas-Integrated industry group. ( OMP ), Ecopetrol ( EC ) and Royal Dutch Shell (RDSA) are among the top 5 highly rated stocks 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.
