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Confluent Stock Scores Relative Strength Rating Upgrade

Confluent (CFLT) stock had its Relative Strength (RS) Rating upgraded from 90 to 93 Wednesday. The database software firm debut on Jun. 24.

When looking for the best stocks to buy and watch, be sure to pay attention to relative price strength. IBD’s unique rating identifies market leadership with a 1 (worst) to 99 (best) score. The rating shows how a stock’s price behavior over the last 52 weeks compares to all the other stocks in our database.

Over 100 years of market history reveals that the stocks that go on to make the biggest gains tend to have an RS Rating of over 80 as they launch their biggest runs.


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Is Confluent Stock A Buy?

Confluent stock has risen more than 5% past a 58.09 entry in a first-stage cup without handle, meaning it’s extended and out of a proper buy range. Look for the stock to offer a new chance to get in like a three-weeks tight or pullback to the 50-day or 10-week line.  Read “Looking For The Next Big Stock Market Winners? Start With These 3 Steps” for more tips. Also, check out “Stocks To Buy And Watch: Top IPOs, Big And Small Caps, Growth Stocks.”

 

Earnings growth declined in the most recent quarter from 0% to -250%. But sales moved higher, from 51% to 64%. The database software firm is expected to report its latest numbers on or around Oct. 28.

Confluent stock holds the No. 11 rank among its peers in the Computer Software-Database industry group. Dropbox (DBX), Progress Software (PRGS) and Teradata (TDC) are among the top 5 highly rated stocks within the group.

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