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These 3 Top Stocks Of 2017 Are Breaking Out Today In Heavy Volume

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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.

Meanwhile, IBD 50 name Universal Display ( OLED ) topped a cup base's 192.85 buy point early Monday after a sharp advance. Volume soared over double its average.

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.

Elsewhere, SwingTrader member Arista Networks ( ANET ) moved past a 245.75 buy point with a rally to new highs Monday. Volume was tracking nearly 75% above average in afternoon trade.

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.

Tip: Before making any investment decisions, be sure to check current market conditions , and use IBD Stock Checkup to see if your stock gets passing ratings for the most important fundamental and technical criteria. To get ongoing chart analysis, and alerts to buy and sell signals, check out Leaderboard and SwingTrader .

Symbol Company Chart Analysis
( AMZN ) Amazon.com In buy range from flat base's 1,213.51 buy point.
( ANET ) Arista Networks In range from six-week cup base's 245.75 buy point.
( OLED ) Universal Display In buy range of six-week cup's 192.85 buy point.
( NFLX ) Netflix In range from base-on-base pattern's 204.48 entry.
( NVDA ) Nvidia In buy zone from 218.77 cup-shaped base buy point.
(WMT) Wal-Mart Stores Just above flat base's 100.23 buy point.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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