Qualcomm Stock Sees Relative Strength Rating Climb Higher

The Relative Strength (RS) Rating for Qualcomm (QCOM) moved up into a new percentile Tuesday, as it got a lift from 70 to 74.

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When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.

This exclusive rating from Investor’s Business Daily measures market leadership with a 1 (worst) to 99 (best) score. The grade shows how a stock’s price behavior over the trailing 52 weeks compares to all the other stocks in our database.

History shows that the stocks that go on to make the biggest gains tend to have an RS Rating north of 80 in the early stages of their moves. See if Qualcomm stock can continue to rebound and hit that benchmark.

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Is Qualcomm Stock A Buy?

Qualcomm stock reclaimed its 200-day moving average last week after reporting fiscal fourth quarter results, beating analysts’ estimates. In their Q4 conference call, the chipmaker offering a much rosier forecast for 2024, possibly marking a turnaround, citing a recovery in overall consumer demand for smartphones —  especially in China .

Now is not an ideal time to jump in since it isn’t near a proper buy zone, but see if the chip stock is able to establish and enter a buy zone in heavy trade. Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips.

Earnings growth increased last quarter from -39% to -32%. But revenue gains fell from -23% to -24%.

Qualcomm stock earns the No. 7 rank among its peers in the Electronics-Semiconductor Fabless industry group. Advanced Micro Devices (AMD) and Rambus (RMBS) are also among the group’s highest-rated stocks. For more industry news, check out “Chip Stocks To Watch And Semiconductor Industry News.”

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