The Relative Strength (RS) Rating for Alphabet stock jumped into a new percentile Thursday, rising to 82 from 68 the day before. The Google parent and cloud computing provider, like other FAANG stocks, is trying to mount a rally. Meanwhile, the market continues to retreat amid rising inflation and Russia's war on Ukraine. Alphabet stock was down about 1% Thursday afternoon to 2,649.71.
Alphabet has continued to post strong profit gains and its stock's been able to hold fast despite the market downturn.
Alphabet Stock Passes Key Benchmark
The new 82 RS Rating means that Alphabet stock has outperformed 82% of all stocks over the past year. It's a notable change because market research shows that top-performing stocks often have an RS Rating north of 80 in the early stages of their moves.
The company reported 45% year-over-year earnings growth last quarter, to $27.85 per share. The prior three quarters its EPS rose 99%, 189% and 82%. Revenue climbed 32% last quarter to $75.3 billion. That came on the heels of 34%, 62% and 41% quarterly revenue growth.
See How IBD Helps You Make More Money In Stocks
While Alphabet stock is not near a proper buy zone right now, see if it is able to form and break out from a proper chart pattern. As IBD reported earlier, GOOGL stock is now trying to retake its 40-week moving average and also retake its 10-week line, which has just converged with the 40-week benchmark and threatens to fall below it.
Peers In Internet Content Group
Alphabet class A stock holds the No. 3 rank among its peers in the Internet-Content industry group. Its twin, Alphabet class C stock, and China-based Rennrenn are also among the group's highest-rated stocks.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique Relative Strength 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.
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