When considering what names to put on your watch list, focus on stocks with an 80 or higher RS Rating. Square (SQ) now meets that criteria, with an increase from 79 to 83 Thursday.
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When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD’s unique RS Rating measures market leadership by showing how a stock’s price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
Decades of market research reveals that the stocks that go on to make the biggest gains typically have an RS Rating of at least 80 in the early stages of their moves.
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Square stock, which is on both the IBD 50 and IBD Sector Leaders screens, is working on a consolidation with a 283.29 entry. See if it can clear the breakout price in volume at least 40% above average.
In terms of top and bottom line numbers, Square has posted four quarters of rising earnings growth. Revenue gains have also risen during the same period. The company is expected to release its next quarterly numbers on or around Aug. 4.
Square holds the No. 1 rank among its peers in the Finance-Card/Payment Processing industry group.
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