ESAB had its Relative Strength (RS) Rating upgraded from 80 to 83 Friday.
IBD's proprietary RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that indicates how a stock's price performance over the trailing 52 weeks matches up against that of all other stocks.
History shows 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 trying to complete a consolidation with a 135.97 buy point. See if the stock can break out in volume at least 40% above average. Note that it's a third-stage base. Such later-stage patterns involve more risk and are more likely to fail than first- or second-stage formations.
ESAB saw both earnings and sales growth rise last quarter. Earnings-per-share increased from 9% to 16%. Revenue rose from -2% to -1%. Keep an eye out for the company's next round of numbers on or around Feb. 20.
The company holds the No. 7 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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