On Monday, MakeMyTrip (MMYT) reached an important technical milestone, with its Relative Strength (RS) Rating jumping into the 80-plus percentile with an improvement to 81, up from 72 the day before. This makes MakeMyTrip stock one to watch.
When looking for the best stocks to buy and watch, one factor to watch closely is relative price strength.
This unique rating tracks technical performance by using a 1 (worst) to 99 (best) score that shows how a stock’s price performance over the last 52 weeks matches up against the rest of the market.
Over 100 years of market history reveals that the market’s biggest winners often have an RS Rating north of 80 in the early stages of their moves.
Is MakeMyTrip Stock A Buy?
Now is not an ideal time to jump in since MakeMyTrip stock isn’t near a proper buy zone, but see if it manages to form a chart pattern and break out.
In terms of fundamentals, the India-based online travel company has posted two quarters of rising earnings growth. Top-line growth has not followed the same trajectory, coming in at -96% last quarter. MakeMyTrip is expected to release its next quarterly numbers on or around Nov. 4.
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