Melco Resorts & Entertainment (MLCO) had its Relative Strength (RS) Rating upgraded from 90 to 93 Friday.
This proprietary rating tracks market leadership by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research reveals that the market's biggest winners typically have an RS Rating north of 80 at the beginning of a new run.
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Melco Resorts & Entertainment has climbed more than 5% past a 23.35 entry in a second-stage cup with handle, meaning it's now out of a proper buy range. Look for the stock to offer a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week moving average.
The company showed 138% earnings growth in the latest quarterly report, while sales growth came in at 19%.
The company holds the No. 8 rank among its peers in the Leisure-Gaming/Equipment industry group. Monarch Casino & Resort (MCRI), Boyd Gaming (BYD) and Wynn Resorts (WYNN) are among the top 5 highly rated stocks within the group.
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