In a welcome move, Elastic saw its Relative Strength Rating rise from 68 to 71 on Thursday.
IBD's proprietary rating identifies market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price behavior over the trailing 52 weeks compares to all the other stocks in our database.
History reveals that the market's biggest winners tend to have an RS Rating of over 80 in the early stages of their moves. See if Elastic can continue to show renewed price strength and hit that benchmark.
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While Elastic is not near an ideal entry right now, see if it goes on to form and break out of a proper consolidation.
The company posted 59% earnings growth in its most recent report, while sales growth came in at 18%.
The company holds the No. 3 rank among its peers in the Computer Software-Database industry group. Confluent is the No. 1-ranked stock within the group.
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