A few stocks resisted the market weakness on Tuesday, and one in particular appears ready to break out. Consumer staples stocks improved.
Consumer Staples Stocks
Hershey (HSY) reached an important performance benchmark on Tuesday, with its Relative Price Strength or (RS) Rating moving above the 80-plus percentile with an upgrade to 82, making higher highs in the process.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD’s proprietary RS Rating measures technical performance by showing how a stock’s price movement over the last 52 weeks measures up against that of other stocks on the major indexes.
History reveals that the stocks that go on to make the biggest gains often have an 80 or better RS Rating in the early stages of their moves.
Hershey (HSY) saw volume spike on Tuesday as the stocks breaks higher. Key metrics, accumulation/Distribution is a firm (A-) showing institutions are accumulating shares.
Earnings continue to rise over the past 7 years, with a 10% estimated improvement in 2023. Also note details in the left panel highlighting earnings growth of 12%.
The company earns the No. 1 rank among its peers in the Food-Confectionery industry group.
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