On Thursday, Grocery Outlet Holding hit an important technical milestone, seeing its Relative Strength (RS) Rating jump into the 80-plus percentile with an improvement to 83, up from 80 the day before.
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IBD's proprietary RS Rating measures technical performance by showing how a stock's price action over the last 52 weeks compares to that of the other stocks in our database.
Over 100 years of market history reveals that the best stocks typically have an RS Rating north of 80 in the early stages of their moves.
While the stock is not near a proper buy point right now, see if it manages to form and break out of a proper base.
Grocery Outlet Holding showed -8% earnings growth last quarter, while sales growth came in at 5%.
The company earns the No. 6 rank among its peers in the Retail-Discount & Variety industry group. Five Below, MINISO Group Holding ADR and Ollie's Bargain Outlet are among the top 5 highly rated stocks within the group.
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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