3 Tech Stocks to Buy for Thriving, Not Just Surviving

While the market retches and reels, a few tech stocks are marching forward with little resistance

The market’s volatility is taking all sectors of the market for a ride right now.

tech stocksBucking a historical trend, the Nasdaq-100 — represented by the PowerShares QQQ Trust (QQQ) — with its heavy bent on tech stocks has actually seen less volatility and decline than the broader market indices such as the S&P 500 and Dow Jones Industrial Average.

The QQQ has been bolstered by a small number of companies that have continued to experience strong price performance, in spite of the market’s weakness.

Here’s a look at three tech stocks that are holding strong in the face of a bumpy and downward-tilted market:

Tech Stocks to Buy: Nvidia (NVDA)

tech stocks nvda

Semiconductor sector company Nvidia (NVDA) specializes in graphics applications — a segment of the market that continues to strengthen as the company broadens into everything from cloud, portable/tablet and even transportation devices.

NVDA shares remain in a strong technical uptrend with rounds of support at the $21 and $20 price levels. This sets it aside from the bevy of technology shares already trading in bear market territory.

In addition to the strong technicals, sentiment toward NVDA is decidedly negative, as only 37% of the analysts tracking the shares have it ranked a “buy” — giving it the opportunity to rocket even higher when the analysts trip over themselves to upgrade their ratings to keep from looking so far behind the times.

NVDA shares score a strong four out of five on our behavioral valuation scoring system, indicating a strong outlook with a target price of $30 — 22% higher from here.

Tech Stocks to Buy: Amazon (AMZN)

Tech Stocks to Buy: Amazon (AMZN)

Online retailer Amazon (AMZN) is included among those retailers that our seasonality studies identify as strong performers for the fourth quarter. Amazon’s clear leadership during the online shopping season should tack additional revenue onto already healthy top-line growth estimates of about 20%.

Technically, AMZN stock is leaving the market behind with year-to-date profits of 60% — a number that our models are targeting to improve to 75% with a year-end target price of $585 or better.

Keep an eye on the $480 level for long-term support over the short-term as a great buying opportunity to ride this retailer back to the top.

Tech Stocks to Buy: Activision Blizzard (ATVI)

Tech Stocks to Buy: Activision Blizzard (ATVI)

Gaming powerhouse Activision Blizzard (ATVI) is tearing up the charts as the holiday rollout period is underway. A positive earnings report in August sparked a rally that has overcome the market’s weakness, and we don’t expect things to slow as the fourth quarter and holiday season are upon us.

Short sellers are betting against a continuation of the strong technical trend, which means a short covering rally is likely to trigger when ATVI shares cross back above the $32 level. According to our models, this will lead to another rally toward a year-end target of $36 plus.

A look at the charts shows there’s not much downside from today’s prices as a load of support resides just under current prices, so grab this leader while you can!

As of this writing, Chris Johnson was long ATVI.

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Article printed from InvestorPlace Media, https://investorplace.com/2015/09/3-tech-stocks-to-buy-thriving-surviving/.

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