On Tuesday, Labcorp Holdings reached an important technical milestone, with its Relative Strength (RS) Rating entering into the 80-plus percentile with an improvement to 83, up from 80 the day before.
IBD's unique RS Rating identifies technical performance by showing how a stock's price movement over the last 52 weeks compares to that of other stocks on the major indexes.
Over 100 years of market history shows that the stocks that go on to make the biggest gains typically have an 80 or better RS Rating in the early stages of their moves.
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Labcorp Holdings is in a buy zone after breaking past a 247.99 buy point in a cup without handle. The proper buying range is up to 5% above the initial entry. Once a stock moves above that range, it's best to hold off investing and wait for it to set up another buying opportunity.
Earnings grew 5% last quarter, up from 4% in the prior report. Revenue also increased, from 7% to 10%.
The company holds the No. 10 rank among its peers in the Medical-Services industry group. Hims & Hers Health, Option Care Health and Quest Diagnostics are among the top 5 highly rated stocks within the group.
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