Nvidia, Snap Lead; Should You Sell Tesla Before Earnings?” vid-cat=”Stock Market Today” vid-date=”07/23/2021″ vid-date-tmsp=”1627047261″ vid-image=”https://www.investors.com/wp-content/uploads/2021/07/7-23-2021_SMT_Thumbnail_Overlay-640×360.jpg” vid-authors=”ALISSA CORAM, ED CARSON”>
Among the top stocks to buy and watch, Advanced Micro Devices (AMD), Roku (ROKU) and Twitter (TWTR) are in or near buy zones.
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Among exchange traded funds, the Innovator IBD 50 (FFTY) traded flat Monday. Nasdaq 100 tracker Invesco QQQ Trust ETF (QQQ) moved down 0.1%. Meanwhile, the SPDR S&P 500 ETF (SPY) dipped almost 0.1%.
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Friday’s Big Picture column commented, “The Nasdaq composite and S&P 500 hit all-time highs, shifting the market trend back into a confirmed uptrend. The Dow Jones industrials closed above the 35,000 level for the first time.”
For more stock market commentary, check out IBD’s The Big Picture.
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The stock is about 5% away from its new buy point after last week’s rebound from the 50-day moving average.
Stocks To Buy And Watch: AMD, Roku, Twitter
Chip giant Advanced Micro Devices is tracing a cup-with-handle base that shows a 95.54 buy point, according to IBD MarketSmith chart analysis. Shares lost almost 1% Monday, on pace to snap a five-day win streak. The company will report earnings after the close Tuesday.
AMD stock was featured in last week’s Stocks Near A Buy Zone column.
According to the IBD Stock Checkup, AMD stock shows a solid 93 out of a perfect 99 IBD Composite Rating. The IBD Composite Rating identifies stocks with a blend of strong fundamental and technical characteristics.
Friday’s IBD Stock Of The Day, Roku, surged past a double-bottom with handle’s 463.09 buy point, according to IBD MarketSmith chart analysis, during Friday’s 12.6% surge. The 5% buy zone goes up to 486.24. Shares reversed from early losses to rally more than 2% Monday morning.
Roku was added to IBD Leaderboard Friday. Per Leaderboard analysis, the stock topped a trendline entry around 431. Roku is also an IBD SwingTrader stock
Social media giant Twitter is trying to break out past a double-bottom-with-handle’s 72.17 buy point. Shares topped the entry on Friday following the company’s strong earnings results, but closed just below the entry.
Shares fell further below the entry Monday morning, losing 3%.
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Tesla earnings are due out Monday after the stock market close. Analysts expect earnings to more than double to 90 cents a share compared to the year-ago quarter. Sales are seen jumping 89% to $11.39 billion.
Tesla previously reported Q2 deliveries shot up 122% from a year ago to 201,250 vehicles. That should include the new Model S Plaid, which began deliveries last month after several delays. But now Model S deliveries are on hold, sources told Electrek.
Tesla stock rallied about 1% Monday, on pace to snap a three-day losing streak. The electric-vehicle giant is again trying to find support around its long-term 200-day moving average. Another strong show of support at these levels would be bullish for the stock’s prospects.
On the downside, Tesla‘s RS line remains far from its old highs. A lagging RS line is a sign of an underperforming stock relative to the broad market. Tesla stock remains nearly 30% off its all-time high, even as the major indexes reached record highs last week.
On Jan. 25, Tesla stock hit a record high at 900.40, after climbing as much as 93% from a 466 buy point in a cup with handle.
Apple stock is back out of the 5% buy zone from a 137.17 entry in a cup base, according to IBD MarketSmith chart analysis.
Microsoft continues to trade solidly above a cup base’s 263.29 buy point. Shares lost 0.7%, easing from all-time highs. The stock is extended above the 5% buy zone, which goes up to 276.45.
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