Tesla Stock, Uber Race Ahead While 3 Stocks Get Spicy
Tesla (TSLA) and Uber Technologies (UBER) rev up their positions on IBD Leaderboard as investors also place their bets on DraftKings (DKNG). As Tesla stock climbs, Chipotle Mexican Grill (CMG), Wingstop (WING) and ELF Beauty (ELF) spice up the watchlist.
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Including Tesla, Uber, DraftKings, Nvidia (NVDA), Meta Platforms (META) and Palo Alto Networks (PANW), 12 stocks make IBD Leaderboard aside from the three watchlist stocks.
On Friday, PANW stock got the nod to replace Dish Network (DISH), another Leaderboard stock, on the S&P 500. Palo Alto Networks bolted higher Monday in heavy volume.
Riding the power wave on the Nasdaq, Tesla is testing the top of its buy zone while Nvidia stock holds the bulk of its massive gains from last month's gap-up on earnings. As we kick off the second half of the year, such continued strength in tech stocks is a welcome contrast to the 2022 bear market.
Despite the debt-ceiling deal, concerns over the stock market remain. Investors should stay vigilant with their rules for how to buy stocks and when to sell.
Tesla Stock, Wingstop Pull Into Top Of Buy Zones
Featured in the IBD Stock Analysis last week as it plugged into a buy zone, Tesla has continued its ascent. The electric-vehicle pioneer is now test-driving the upper limits of its buy range, which extends to 218.28.
With its relative strength line on the rise, Tesla stock is on pace for its seventh straight up day in strong volume. Reflecting the bumpy and volatile road Elon Musk's company rode last year, the 50-day moving average line remains below the 200-day benchmark.
Its 21-day exponential moving average has crossed back above the longer-term 50-day line. Next, look for 50-day line retake its 200-day to further confirm the technical rebound in Tesla stock.
Wingstop is also taste-testing the top of its buy zone. On Monday, WING stock closed just above the 193.84-to-203.54 buy range. After edging lower in below-average volume last week, the chicken wing king found support at and bounced off its 50-day line.
META Stock, UBER, PANW, NVDA Extend Breakouts
In addition to Tesla stock, this year's powerhouse moves by the likes of Uber, Meta, Nvidia and other Leaderboard members highlight how growth stocks have bounced back into favor on Wall Street.
While such names have climbed beyond buy range, keep them on your radar. They could set up new and alternate entry points, such as a three-weeks-tight pattern and pullbacks to the 50-day or 10-week lines.
CMG stock is flashing multiple weeks of tight trading following its breakout on earnings in late April. ELF stock is also holding its gains in tight, healthy trading after gapping up on earnings last month.
Follow Matthew Galgani on Twitter at @IBD_MGalgani.
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Source: Investor's Business Daily
