Snowflake saw a positive improvement to its Relative Strength (RS) Rating on Tuesday, with an increase from 63 to 81.
When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's unique rating identifies price movement with a 1 (worst) to 99 (best) score. The rating shows how a stock's price behavior over the last 52 weeks holds up against all the other stocks in our database.
Over 100 years of market history reveals that the market's biggest winners typically have an RS Rating of over 80 in the early stages of their moves.
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While Snowflake is not near a proper buy zone right now, it has finally cleared key moving averages. It has been flat for some time, now lets see if it manages to form and break out of a proper chart pattern.
Earnings Preview
The company showed 0% earnings growth in the latest quarterly report. Revenue rose 53%. The next quarterly numbers are expected on or around May 25.
The company holds the No. 43 rank among its peers in the Computer Software-Enterprise industry group. Qualtrics International and Salesforce are also among the group's highest-rated stocks.
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