One important metric to look for in a stock is an 80 or higher Relative Strength Rating. Snowflake just hit that mark, with a jump from 76 to 82 Monday.
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.
Decades of market research reveals that the best stocks tend to have an RS Rating of at least 80 in the early stages of their moves.
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While the stock is not near a proper buy point right now, see if it is able to form and break out of a proper chart pattern.
Earnings growth rose last quarter from -20% to -14%, but the top line fell from 28% to 27%.
Snowflake earns the No. 37 rank among its peers in the Computer Software-Enterprise industry group. Paylocity Holding, Palantir Technologies and Shopify Cl A are among the top 5 highly rated stocks within the group.
This article was created automatically with Stats Perform's Wordsmith software using data and article templates supplied by Investor's Business Daily. An IBD journalist may have edited the article.
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