The Relative Strength (RS) Rating for Elastic jumped into a new percentile Tuesday, with a rise from 75 to 81.
IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of over 80 in the early stages of their moves.
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Elastic is building a consolidation with a 136.06 entry. See if the stock can clear the breakout price in heavy volume.
Elastic posted 59% earnings growth in the latest quarterly report, while sales growth came in at 18%.
Elastic holds the No. 3 rank among its peers in the Computer Software-Database industry group. Confluent is the top-ranked stock within the group.
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