The IBD 50 stock is now considered extended and out of buy range after clearing a 1,499.85 buy point in a ninth-stage cup without handle. See if Shopify 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.
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 action over the last 52 weeks measures up against that of the other stocks in our database.
Decades of market research shows that the top-performing stocks tend to have an RS Rating of over 80 at the beginning of a new climb.
The company posted 113% EPS growth in its most recent report. Shopify’s revenue increased 57%.
Shopify holds the No. 2 rank among its peers in the Computer Software-Enterprise industry group. Docusign (DOCU) is the No. 1-ranked stock within the group.
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