UiPath had its Relative Strength (RS) Rating upgraded from 66 to 81 Thursday. Other fundamentals are also showing positive signs, with sales growth is trailing according to a MarketSmith CANSLIM Checklist analysis.
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 market leadership by showing how a stock's price movement over the last 52 weeks compares to that of other stocks on the major indexes.
Decades of market research shows that the market's biggest winners tend to have an RS Rating north of 80 in the early stages of their moves.
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UiPath is building a cup with handle with an 18.18 entry. See if it can clear the breakout price in volume at least 40% higher than normal. It should be noted the stock has fallen since its introduction in April 2021. Could this be the start of an uptrend to reclaim the stock's IPO pricing? Only time will tell.
The company posted 200% EPS growth last quarter. Sales gains came in at 7%.
UiPath holds the No. 25 rank among its peers in the Computer Software-Enterprise industry group. Workday and Salesforce are also among the group's highest-rated stocks.
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