ESAB had its Relative Strength (RS) Rating upgraded from 80 to 83 Wednesday.
IBD's unique RS Rating measures market leadership by showing how a stock's price movement over the last 52 weeks measures up against that of 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.
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ESAB is working on a consolidation with a 135.97 buy point. See if it can break out in volume at least 40% above average. Note that it's a third-stage base. Later-stage patterns can work, but have a greater failure rate since, by that point, the stock has already climbed substantially..
The company posted 13% earnings growth last quarter. Sales rose -3%.
ESAB holds the No. 9 rank among its peers in the Machinery-General Industrial industry group. ESCO Technologies, DXP Enterprises and Badger Meter are among the top 5 highly rated stocks within the group.
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