3 Blue-Chip Tech Stocks to Buy Now

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  • Buy these blue-chip tech stocks after earnings beats and bullish price patterns that can’t be beat.
  • Advanced Micro Devices (AMD) is poised to break out of a bear market downtrend following earnings trifecta.
  • International Business Machines (IBM) quarterly results reveal a business pivot is working and shares are ripe for buying.
  • Moderna (MRNA) beat street views handily and sports a terrific bottoming pattern for investors.
top stocks: skyscraper buildings viewed from the ground with Wall Street street sign in the foreground (10 richest people on Wall Street)
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The sky may not be falling, but there’s dark cloud cover once more hanging over Wall Street. And risk assets of all sizes, mission statements and including powerful blue-chip tech stocks with recent earnings beats, are getting hit Wednesday.

Fears of inflation eating into corporate profits from Walmart’s (NYSE:WMT) and Target’s (NYSE:TGT) earnings misses and hawkish Fedspeak from chairman Jerome Powell have investors revisiting the risk-off trade led by the blue-chip tech stock heavy Nasdaq 100 with losses of around 3.50% intraday.

Without putting the horse or rather the bear in front of the carriage, given a crucial and bullish “rally attempt” remains in play, let’s look at three blue-chip tech stocks to buy that are in strong position, both off and on their price charts, for investors.

Ticker Company Price
AMD Advanced Micro Devices $96.28
IBM Int’l Business Machines $132.94
MRNA Moderna $137.71

Blue-Chip Tech Stocks to Buy: Advanced Micro Devices (AMD)

Advanced Micro Devices (AMD) offers a well-supported hammer entry following larger bear market correction


Source: Charts by TradingView

Advanced Micro Devices (NASDAQ:AMD) is the first of our blue-chip tech stocks to buy.

The top semi outfit delivered outstanding quarterly results in in early May, which easily topped street profit estimates by 24% and sales forecasts by more than 17.50%. What’s more, AMD stock’s management issued above-views revenue guidance reaffirming its growth runway.

Today shares of AMD were down more than 5% in sympathy with the broader market. But this blue-chip tech stock looks well-positioned to buy based on its weekly price chart.

Technically, the tech stock’s near 50% bear market of the past six months has put together a bullish, above-average volume hammer candlestick this past week. The pattern was confirmed Monday as shares traded through $96.57.

At the moment investors can buy AMD within 1% of the initial buy decision price. Combined with a favorable stochastics setup and hold of Fibonacci, trend and Bollinger band support, purchasing this blue-chip tech stock as part of a fully-hedged and actively-managed collar makes sense today.

International Business Machines (IBM)

International Business Machines (IBM) decade long consolidation is ripe for a full-blown breakout to $200


Source: Charts by TradingView

International Business Machines (NYSE:IBM) is the next of our blue-chip tech stocks to put on the radar for a nearby purchase.

It’s been just over a decade of IBM stock being in the doghouse with investors. In all fairness though, the tenured Dow Jones Industrial has had a lot to prove in the face of newer tech and increased competition.

But this blue-chip’s restructuring into a hybrid cloud platform is finally paying more than just dividends, pardon the pun, for shareholders. In late April IBM stock announced better-than-forecast profit and sales growth.

Today, 10-plus years of marginally negative dividend-adjusted returns is a more certain benefit for income investors and those seeking future capital gains. Technically, this blue-chip tech stock is attempting to break out of a lengthy and messy triple bottom pattern as the illustrated monthly price chart reveals.

Smartly, stochastics is confirming underlying strength in the base for buyers. And after multiple failed breakouts trying to clear decade-old resistance of $137.77, the next attempt should prove huge for investors.

Not only does this blue-chip tech stock offer an attractive yield of just under 5% for shareholders, given the size of IBM’s base, a rally to $200 over the next year to 18 months looks very approachable.

Blue-Chip Tech Stocks to Buy: Moderna (MRNA)

Moderna (MRNA) is in a confirmed double bottom pattern with supportive stochastics


Source: Charts by TradingView

Moderna (NASDAQ:MRNA) is the last of our blue-chip tech stocks to buy. And this lifesaving biotech is ready to put in the portfolio right now.

Earlier this month the Covid vaccine play announced a dazzling profit and sales beat on ginormous year-over-year earnings and revenue growth. Moderna topped off the bullish results with news its Phase 3 pipeline, which includes its Covid booster, could see three respiratory commercial launches over the next couple of years beginning this fall.

Technically, since establishing a bear market low in early March which shaved roughly 75% off MRNA stock over several months, shares have formed a lower-low, double-bottom weekly pattern centered on its Covid-related 76% retracement level.

With the formation having additional support from a bullishly diverging stochastics setup, a Fibonacci-based two-step pattern and this blue-chip tech stock pulling back inside its weekly hammer candlestick, a MRNA stock collar is a prescribed buy today to help treat ailing portfolios.

On the date of publication, Chris Tyler holds long positions (either directly or indirectly) in Advanced Micro Devices (AMD). The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.

Chris Tyler is a former floor-based, derivatives market maker on the American and Pacific exchanges. For additional market insights and related musings, follow Chris on Twitter @Options_CAT and StockTwits.


Article printed from InvestorPlace Media, https://investorplace.com/2022/05/3-blue-chip-tech-stocks-to-buy-now/.

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