Shopify saw a positive improvement to its Relative Strength (RS) Rating on Monday, rising from 79 to 89.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
IBD's proprietary RS Rating tracks market leadership by showing how a stock's price movement over the last 52 weeks compares to that of the other stocks in our database.
Decades of market research shows that the best-performing stocks often have an RS Rating of above 80 as they launch their biggest price moves.
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Shopify is still within a buy range after moving past a 1,650.10 entry in a consolidation. The proper buying range extends to 5% above the initial entry. Once a stock moves above that range, it's best to wait for it to set up another buying opportunity.
The company posted -28% EPS growth in its most recent report. Sales rose 46%.
The company holds the No. 10 rank among its peers in the Computer Software-Enterprise industry group. Techtarget and ZoominfoTechnologies are also among the group's highest-rated stocks.
