The current lineup on IBD Leaderboard includes a wide variety of sectors, from tech, energy and chemicals to transportation, mining, biotech and health care. Tech stocks include Tesla (TSLA), Nvidia (NVDA) and Microsoft (MSFT). TSLA stock joins SolarEdge Technologies (SEDG) among Leaderboard names exploring new buy zones as drive-thru coffee chain Dutch Bros (BROS) continues to brew a new setup.
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As Tesla jumped nearly 6% to start the week, CEO Elon Musk took a 9.2% stake in Twitter (TWTR).
Meanwhile, solar energy play SEDG stock retested a buy zone as financial asset manager Blackstone (BX) also tests a renewed entry. Both SolarEdge and Blackstone earn spots on the Leaderboard watchlist.
Reflecting the ongoing sector rotation in recent months, Cheniere Energy (LNG), steel producer Nucor (NUE) and gold miner Newmont (NEM) have shown strength, while more traditional growth stocks lagged in the first quarter.
That hurt the performance of the Innovator IBD 50 ETF (FFTY), which tracks names on the IBD 50. Since peaking in November, the FFTY ETF retreated to new lows in February, falling below its 10-week moving average. But as leading growth and tech stocks like Tesla and NVDIA stock have been finding their way back on the IBD 50, the FFTY ETF has retaken that line while it looks to rebuild.
See Who Joins Tesla And Nvidia On IBD Leaderboard
Tesla, Nvidia Lead Stocks Forming Bases And Buy Zones
With the stock market indexes continuing to build on the March 16 follow-through day, it’s encouraging to see growth stocks like Tesla, SolarEdge and Nvidia gathering strength.
Tesla continues to zoom higher Monday as it works on a cup-shaped base. The move came as TSLA stock worked on Day 4 of a handle, which takes at least five days to form. The cup buy point is 1,208.10.
In March, SolarEdge briefly cleared a cup-with-handle buy point of 335.67. It then pulled back, but is again testing that entry. The relative strength line shows impressive progress on the whole since coming off a low in late January.
After a sharp decline from November, Nvidia has come well off its lows to retake its 50-day moving average. That line remains above its 200-day benchmark and has started to trend higher. NVDA stock cleared a trendline entry of 272.38. It remains in a buy zone that extends to $286.00.
With the market back in an uptrend, be sure to keep an eye on Blackstone, Arista Networks (ANET), Eli Lilly (LLY), BROS stock and other top stocks to buy and watch on Leaderboard and other IBD stock lists.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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Source: https://www.investors.com/research/how-to-find-the-best-stocks-to-buy/tesla-recharges-as-nvidia-clears-trendline-bros-stock-keeps-brewing-fresh-move/?src=A00220&yptr=yahoo