China Petrochemical (SNP) had its Relative Strength (RS) Rating upgraded from 68 to 71 - a welcome improvement, but still short of the 80 or better score you prefer to see.
IBD's unique rating identifies price action with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the trailing 52 weeks holds up against all the other stocks in our database.
History shows that the best stocks typically have an RS Rating north of 80 in the early stages of their moves. See if China Petrochemical can continue to show renewed price strength and clear that threshold. China Petrochemical broke out earlier, but has fallen back below the prior 84.19 entry from a cup with handle. If a stock you're tracking climbs above a buy point then falls 7% or more below the original entry price, it's considered a failed base. It's best to wait for the stock to form a new base and breakout. Also that the latest consolidation is a later-stage base, and those involve more risk.
