In a welcome move, Shopify stock saw its Relative Strength Rating rise from 68 to 77 on Monday.
IBD's proprietary RS Rating measures technical performance by using a 1 (worst) to 99 (best) score that identifies how a stock's price performance over the trailing 52 weeks matched up against all other stocks.
History shows that the best stocks typically have an RS Rating north of 80 in the early stages of their moves. See if Shopify stock can continue to rebound and hit that benchmark.
When To Sell Stocks To Lock In Profits And Minimize Losses
Is Shopify Stock A Buy?
Shopify stock is currently trading below its 200-day moving average. Now is not an ideal time to jump in since it isn't near a proper buy zone, but see if the tech stock is able to offer and clear a proper buy point.
The e-commerce company reported 86% EPS growth last quarter. Sales rose 21%. Check out "Shopify Soars As Subscription Business Drives Q2 Earnings, Revenue Beat."
Shopify stock holds the No. 9 rank among its peers in the Computer Software-Enterprise industry group. Palantir Technologies, Manhattan Associates and Smartsheet are among the top 5 highly rated stocks within the group.
