The Relative Strength (RS) Rating for Elastic moved into a new percentile Thursday, as it got a lift from 70 to 74.
IBD's unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock's price performance over the last 52 weeks stacks up against all the other stocks in our database.
Decades of market research shows that the best stocks typically have an RS Rating north of 80 in the early stages of their moves. See if Elastic can continue to rebound and clear that threshold.
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While the stock is not near an ideal buying range right now, see if it manages to form and break out from a proper base.
Elastic showed 59% earnings growth last quarter, while sales growth came in at 18%.
The company holds the No. 5 rank among its peers in the Computer Software-Database industry group. Commvault Systems is the No. 1-ranked stock within the group.
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