In a welcome move, Snowflake saw its Relative Strength Rating rise from 68 to 71 on Wednesday.
When you're researching the best stocks to buy and watch, be sure to pay attention to relative price strength.
IBD's proprietary RS Rating identifies market leadership by using a 1 (worst) to 99 (best) score that shows how a stock's price action over the last 52 weeks stacks up against all the other stocks in our database.
Decades of market research shows that the best-performing stocks often have an RS Rating of above 80 as they begin their largest climbs. See if Snowflake can continue to rebound and hit that benchmark.
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While the stock is not near an ideal buying range right now, it has at least finally cleared most key moving averages. Now let's see if it goes on to form and break out from a proper chart pattern.
Earnings growth rose last quarter from 0% to 2,100%. But sales fell from 48% to 36%. The company is expected to report its latest performance numbers on or around Nov. 30.
The company holds the No. 31 rank among its peers in the Computer Software-Enterprise industry group. Datadog and ServiceNow are also among the group's highest-rated stocks.
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