Monday.com (MNDY) stock rose 2.3% in morning trading on Monday, as the cloud software company’s Relative Strength Rating climbed to 91 out of a best-possible 99, according to IBD Stock Checkup.
Understanding the Relative Strength Rating
The RS Rating is a key tool for investors looking for stocks with strong technical performance. It compares a stock’s price action over the last 52 weeks to that of other stocks on major indexes. Historical data spanning more than 100 years shows that top-performing stocks often have an RS rating of at least 80 at the beginning of their upward trends. The RS rating serves as one indicator in identifying potential winners.
Recent Breakout and Performance
- Monday.com broke out from a cup-with-handle base on January 4, with an entry point set at $283.34.
- The stock remains within its buy range and has been consolidating since breaking out from its base about two months ago.
- Shares are up about threefold over the past year and have gained about fivefold since going public in June last year through an initial public offering (IPO).
Company Overview
The Israeli company provides cloud-based software solutions for teams and businesses across various industries, including:
- Sales management
- Marketing automation
- Project management
It competes with other well-known companies such as:
- Salesforce (CRM)
- HubSpot (HUBS)
- Atlassian Corp.’s Jira platform
- Microsoft Corp.’s Teams platform
Current Trading Status
Shares are trading near their all-time high reached on January 4, when they closed at $303 after reaching an intraday high of $306 earlier that day.
Conclusion
Monday.com continues to show strong performance and remains a stock to watch as it consolidates its gains and competes in the cloud software market.
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