When looking for the best stocks to buy and watch, focus on those with rising relative price strength.
One stock that fits that bill is Freshworks Cl A, which had its Relative Strength (RS) Rating upgraded from 66 to 80 Monday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating measures market leadership by using a 1 (worst) to 99 (best) score that indicates how a stock's price action over the last 52 weeks matches up against other publicly traded companies.
Over 100 years of market history reveals that the best-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves.
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Freshworks Cl A broke out earlier, but has fallen back below the prior 16.60 entry from a cup with handle. In the scenario where a stock breaks out then falls 7% or more below the entry price, it's considered a failed breakout. If that happens, it's best to wait for a new base to take shape. But that has not happened - yet.
Earnings
The company showed 0% EPS growth in the latest quarterly report, while sales growth came in at 33%. Keep an eye out for the company's next round of numbers on or around Feb. 7.
Freshworks Cl A earns the No. 63 rank among its peers in the Computer Software-Enterprise industry group. Magnite and ServiceNow are also among the group's highest-rated stocks.
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