Upwork saw a welcome improvement to its Relative Strength (RS) Rating on Friday, with an increase from 78 to 91.
IBD's unique rating measures market leadership with a 1 (worst) to 99 (best) score. The score shows how a stock's price performance over the trailing 52 weeks holds up against all the other stocks in our database.
History reveals that the market's biggest winners typically have an 80 or better RS Rating in the early stages of their moves.
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Upwork broke out earlier, but is now trading approximately 3% below the prior 16.36 entry from a cup without handle. If a stock you're tracking clears a buy point then falls 7% or more below the original entry price, it's considered a failed base. Wait for the stock to set up and breakout from a new chart pattern and entry price. Also keep in mind that the most recent consolidation is a later-stage base, which makes it riskier to establish a new position or add shares to an existing one.
The company showed 38% earnings growth last quarter, while sales growth came in at 10%.
The company holds the No. 1 rank among its peers in the Commercial Services-Staffing industry group. Barrett Business Services and Korn Ferry are also among the group's highest-rated stocks.
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