Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says

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Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Traders work on the floor of the New York Stock Exchange shortly after the opening bell in New York, U.S., March 17, 2020.Lucas Jackson/Reuters
  • Despite November's strong outperformance of value over growth, "growth stocks are not dead," Fundstrat's technical analyst Robert Sluymer declared in a note on Tuesday.
  • Growth stocks have further upside into 2021 as they begin to break out of a range of sideways consolidation, according to Sluymer.
  • Here are the 9 growth stocks investors should consider buying heading into 2021, according to Fundstrat.
  • Visit Business Insider's homepage for more stories.
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Following years of underperformance, value stocks posted a significant rebound over growth stocks in November as positive COVID-19 vaccine news led investors to begin buying the beaten down reopening trade, or stocks best poised to recover from a reopening of the economy.

But despite the strong showing for value stocks last month, "growth stocks are not dead nor are they completing longer-term tops," Fundstrat's technical analyst Robert Sluymer said in a note on Tuesday.

Instead, growth stocks are consolidating sideways and digesting their gains after reaching overbought levels following a strong multi-month rally amid the COVID-19 pandemic.

With many growth stocks stabilizing near their 200-day moving average and putting in signs of a bottom or potential breakout above consolidation ranges, Sluymer highlighted 9 stocks to consider buying into 2021.

Here are 9 growth stocks that have further upside potential into 2021, according to Fundstrat.

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1. Activision Blizzard (ATVI)

"Gaming stocks bottoming intermediate-term at 200 day moving average," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

2. Electronic Arts (EA)

"Gaming stocks bottoming at rising 200-day moving average," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

3. Take-Two Interactive Software (TTWO)

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"TTWO continues to accelerate from support. Accumulate near-term pullbacks," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

4. Atlassian Corporation (TEAM)

"TEAM breaks out of its 2020 trading range - Use near-term pullbacks to accumulate," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

5. Coupa Software (COUP)

"COUP's weekly momentum is bottoming. Use near-term pullbacks to accumulate," Sluymer said.

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Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

6. MongoDB (MDB)

"MDB breaks out to new highs following 2H consolidation - Accumulate pullbacks," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

7. Advanced Micro Devices (AMD)

"AMD's 2H consolidation maturing to the upside - Add exposure on near-term pullbacks," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

8. Analog Devices (ADI)

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"ADI remains early in a new long-term up cycle - Expect pullbacks to be shallow - Accumulate," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat

9. Keysight Technologies (KEYS)

"Similar to ADI, KEYS is early in a new upcycle after breaking out of its 2019-2020 trading range," Sluymer said.

Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says
Fundstrat
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