The tech-heavy Nasdaq continued its 2018 winning streak Monday, rising into record highs for a fifth consecutive day.
Last week saw three FANG stocks head higher and break out . On Monday, there were three more breakouts among leading growth stocks, including a big-name chip company.
[ibd-display-video id=3070790 width=50 float=left autostart=true] IBD Sector LeaderNvidia ( NVDA ) surged nearly 4% to new highs, breaking out of a cup-shaped base in the stock market today . The company announced a self-driving partnership with ride-sharing giant Uber, ahead of Tuesday's Consumer Electronics Show.
The stock's buy point is 218.77. The 5% buy range tops out at 229.71, so shares are squarely in buy range. Volume was tracking over 60% above average Monday afternoon, indicating strong institutional demand. Volume on any breakout should be at least a 40% increase over its 50-day average.
In the most recent quarter, Nvidia's earnings and sales grew 60% and 32% vs. the year-ago periods.
Analysts expect the company's earnings to soar 129% for 2017 and another 36% in 2018. Both figures have been revised higher by analysts.
The organic light-emitting diode researcher could also receive a boost from CES after it debuts its latest big-screen OLED TVs from LG.
The cloud-networking software maker boasts three quarters of accelerating earnings growth, capped off with a 95% rise in the most recent quarter vs. the year-ago period. Revenue grew 51% in the two most recent quarterly reports.
Keep in mind that all three of these leaders are breaking out of later-stage bases after strong moves in 2017. Potential upside is more limited than with earlier-stage bases.
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( AMZN )
In buy range from flat base's 1,213.51 buy point.
( ANET )
In range from six-week cup base's 245.75 buy point.
( OLED )
In buy range of six-week cup's 192.85 buy point.
( NFLX )
In range from base-on-base pattern's 204.48 entry.
( NVDA )
In buy zone from 218.77 cup-shaped base buy point.
Just above flat base's 100.23 buy point.