Pure Storage (PSTG) saw a positive improvement to its Relative Strength (RS) Rating on Monday, with an increase from 76 to 83. Over 100 years of market history shows that the stocks that go on to make the biggest gains tend to have an 80 or higher RS Rating as they begin their biggest runs.
XWhen looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock's price performance over the last 52 weeks matches up against other publicly traded companies.
See How IBD Helps You Make More Money In Stocks
Pure Storage is now considered extended and out of buy range after clearing an 18.68 buy point in a first-stage cup without handle. See if the stock forms a new pattern or follow-on buying opportunity like a three-weeks tight or pullback to the 50-day or 10-week line.
The company posted negative growth for both sales and earnings last quarter. Pure Storage recently announced a deal to work with Amazon World Services Outpost.
Pure Storage earns the No. 6 rank among its peers in the Computer Software-Storage industry group. Micron Technology (MU), SmartGlobalHoldings (SGH) and Seagate Technology (STX) are among the top 5 highly rated stocks within the group.
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December 08, 2020 at 03:50AM
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Pure Storage's New 83 RS Rating Follows Deal With Amazon - Investor's Business Daily
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