GitLab had its Relative Strength (RS) Rating upgraded from 80 to 83 Wednesday.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's unique RS Rating tracks technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the trailing 52 weeks matches up against other publicly traded companies.
Decades of market research reveals that the stocks that go on to make the biggest gains tend to have an RS Rating north of 80 in the early stages of their moves.
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GitLab stock is trying to complete a consolidation with a 54.60 buy point. With the stock now clearing key moving averages, let's see if the stock can break out in volume at least 40% above average.
The company showed 0% earnings growth in its most recent report, while sales growth came in at 38%.
GitLab stock earns the No. 18 rank among its peers in the Computer-Technical Services industry group. Globant and CSP are also among the group's highest-rated stocks.
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