Growth Stocks Continue To Lead; Netflix, Fortinet, Inphi In Buy Zones

TL;DR

Growth stocks, including Netflix, Fortinet, and Inphi, had a strong day in the market with impressive chart action.

Transcript

good afternoon everyone and welcome to stock market today its Alisa Quorum and Edie Carson here and Edie another strong day in the market and we're gonna be taking a look at three growth stocks with some interesting chart action yeah Netflix broke out today but we also had stocks moving into buy zones from fort net and in fees so really strong acti... Read More

Key Insights

• 💼 Despite the surge in coronavirus cases, the market rally, especially in growth stocks, continues to show resilience.
• 🛀 Netflix, Fortinet, and Inphi all had positive chart actions, rebounding from support levels and showing potential for further growth.
• 🎁 Buying opportunities are still present in the market, particularly for top growth stocks.
• 🫥 Inphi's rebound off the 10-week line indicates a potential entry point for investors.
• 🎭 Data center stocks, such as Inphi, are performing well in the current market conditions.
• 💪 The market rally and strong growth in stocks are defying concerns about the pandemic.
• 👨‍🔬 Investors should consider fundamental research and detailed chart analysis before making investment decisions.

Questions & Answers

Q: Why did growth stocks have a strong day in the market?

Growth stocks, such as Netflix, Fortinet, and Inphi, performed well due to their positive chart actions and the overall bullish sentiment in the market.

Q: What was the breakout point for Netflix?

Netflix cleared a buy point of 450.907, forming a flat base on the weekly chart after rebounding from the 50-day line and the ten-week line.

Q: Why is Fortinet considered a buying opportunity?

Fortinet is considered a buying opportunity as it cleared a downward sloping trendline, showing strength and potential for further upward movement. It also formed a potential double-bottom pattern.

Q: What makes Inphi a leader in the data center space?

Inphi is one of the leaders in the data center space, keeping pace with big names like Nvidia and AMD. It has been outperforming and is considered one of the top stocks in the market rally.

Summary & Key Takeaways

• The Nasdaq closed at a new high, with the tech-heavy index up 1.1 percent, while the S&P 500 closed up 0.7 percent and the Dow finished up 0.6 percent.

• Netflix broke out and saw a gain of 3.2 percent, rebounding from the 50-day line and clearing a buy point.

• Fortinet, in the security software group, had a gain of 4.5 percent, clearing a downward sloping trendline and showing potential entry points.

• Inphi, a chip maker for the data center segment, rebounded off key support and is one of the leaders in the data center space.