On Tuesday, Elastic received a positive adjustment to its Relative Strength (RS) Rating, from 66 to 72.
IBD's unique rating identifies price performance with a 1 (worst) to 99 (best) score. The grade shows how a stock's price performance over the last 52 weeks compares to all the other stocks in our database.
Decades of market research reveals that the market's biggest winners often have an 80 or higher RS Rating 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 buy point right now, see if it manages to form and break out from a proper chart pattern.
Elastic showed 59% earnings growth in its most recent report. Sales rose 18%. Keep an eye out for the company's next round of numbers on or around Feb. 27.
Elastic holds the No. 3 rank among its peers in the Computer Software-Database industry group. Commvault Systems is the top-ranked stock within the group.
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