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Three IT services stocks have surged in momentum as they join the top 10th momentum percentile rankings this week, highlighting strong technical signals and growing investor demand in the IT services sector.
Benzinga’s Edge Stock Rankings‘ momentum percentile ranks a stock's price strength and volatility against its peers using a composite score, with higher percentiles indicating greater momentum.
This ranking is a signaling tool for traders and investors, often identifying shares gaining favor and technical strength before broader market recognition
Ibex Ltd. (NASDAQ:IBEX), 9F Inc. ADR (NASDAQ:JFU), and GDS Holdings Ltd. ADR (NASDAQ:GDS) have demonstrated significant week-on-week gains in their momentum percentiles, reflecting robust upward trends in their stock prices relative to the broader market.
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The collective rise of these three IT services companies into the momentum top decile highlights a growing trend of sector-specific strength, potentially driven by robust earnings, sectoral growth, or increased institutional interest.
The SPDR S&P 500 ETF Trust (NYSE:SPY) and Invesco QQQ Trust ETF (NASDAQ:QQQ), which track the S&P 500 index and Nasdaq 100 index, respectively, fell in premarket on Monday. The SPY was down 0.25% at $662.01, while the QQQ fell 0.37% to $597.14, according to Benzinga Pro data.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga
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