On Tuesday, Alignment Healthcare reached a key performance benchmark, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 76 the day before.
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This unique rating identifies market leadership 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 the rest of the market.
Over 100 years of market history reveals that the best-performing stocks typically have an RS Rating north of 80 in the early stages of their moves.
Alignment Healthcare is now considered extended and out of buy range after clearing a 13.33 buy point in a second-stage double bottom. 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 moving average.
Alignment Healthcare showed 0% earnings growth last quarter. Revenue increased 49%.
Alignment Healthcare earns the No. 1 rank among its peers in the Medical-Managed Care industry group. CVS Health and Concentra Group are also among the group's highest-rated stocks.
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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