On Friday before the open, Ollie's Bargain Outlet cleared a key performance benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 87, up from 67 the day before.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This proprietary rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
Decades of market research reveals that the top-performing stocks typically have an RS Rating north of 80 in the early stages of their moves.
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Ollie's Bargain Outlet entered a buy zone Thursday before falling back today. Maybe it will form a handle to the cup pattern currently showing up on a MarketSmith chart. As always with the current market conditions, proceed with caution and be ready to move with short notice.
Ollie's Bargain Outlet reported negative growth for both the top and bottom lines last quarter. With prices rising, discounters may see an uptick in sales as consumers look else for necessities.
Ollie's Bargain Outlet holds the No. 5 rank among its peers in the Retail-Discount & Variety industry group. BJs Whlsl hldgs and Dollar Tree are also among the group's highest-rated stocks.
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