Block had its Relative Strength (RS) Rating upgraded from 75 to 86 Tuesday.
IBD's unique RS Rating identifies technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price action over the last 52 weeks matches up against that of all other stocks.
Decades of market research shows that the top-performing stocks tend to have an RS Rating north of 80 in the early stages of their moves.
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Block is now considered extended and out of buy range after clearing a 75.00 buy point in a first-stage cup with handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
Block posted 76% EPS growth in its most recent report, while sales growth came in at 6%.
Block holds the No. 6 rank among its peers in the Finance-Card/Payment Processing industry group. Shift4 Payments, Paymentus Holdings and Toast are among the top 5 highly rated stocks within the group.
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