Onto Innovation (ONTO) surged higher on Monday, rising 5.85% while adding $5.15 in the process. Many semiconductor industry group stocks broke higher today, adding to the strength of the signal.
Summary
Onto Innovation Breaking Out
Onto Innovation price action broke above pivot resistance at 89.85. In addition, the 9 and 21d exponential moving averages crossed above the 50d on above average volume.
The stock also scores a perfect 100% or 14 out of 14 critical metrics on the Warren Buffett scan.
RSI is at highs, MACD is above its signal line and stochastic popped above 70 by the close.
Onto Innovation’s Relative Strength (RS) Rating entered a new phase on Monday, adding to an increase from 48 to 91 over the past 4 weeks.
When we are looking for the best stocks to buy and watch, we run scans that detect improving relative price strength.
IBD’s proprietary rating identifies market leadership with a possible 99 (best) score. The score shows how a stock’s price performance over the last 52 weeks stacks up against all the other stocks in our database.
History reveals that the market’s biggest winners often have an RS Rating of at least 80 in the early stages of their moves.
Lam Research Added to SwingTrader
Lam Research (LRCX) was added to Investors Business Daily’s SwingTrader on Monday surging above its buy point, adding 25 points (+4.78%) by the close.
Relative Strength (RS) Rating rose to 87.
The stock also appeared as IBD Stock Of The Day.
The company recently declared a quartely dividend of $1.725/share for shareholders of record June 14; ex-div June 13, payable July 5.
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Happy Trading,
Vinny
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