On Thursday, Palo Alto Networks stock cleared an important technical benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 87, up from 77 the day before.
This unique rating identifies 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 shows that the best-performing stocks typically have an RS Rating north of 80 as they begin their biggest climbs.
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Is Palo Alto Networks A Buy?
Palo Alto Networks stock is trying to complete a consolidation with a 380.84 entry. See if the cybersecurity stock can clear the breakout price in heavy volume. It's a later-stage pattern, and investors should be aware that those are less likely to launch sustained new runs.
The cybersecurity company reported 20% EPS growth in the latest quarterly report, while sales growth came in at 15%.
Palo Alto Networks stock earns the No. 2 rank among its peers in the Computer Software-Security industry group. CrowdStrike Holdings is the top-ranked stock within the group.
