Oppenheimer Sees Bullish Indicators In These 6 Tech Charts
In a recent report, analysts at Oppenheimer took a technical look at the market and chose some of their favorite stocks in different sectors based on what they see in the charts.
Analysts like what they see in the technology space, and six charts stood out to them as particularly bullish.
Technology Select Sector SPDR ETF (NYSE: XLK)
Before discussing individual names, analysts point out that they like what they see in the Technology Select SPDR ETF. Analysts see a tight ascending channel for the ETF and encourage investors to buy any dips within that channel.
They also believe that an eventual re-test of the all-time highs at the $130 level is likely.
eBay Inc (NASDAQ: EBAY)
Analysts see a wide breakout for eBay above $60 after a tight two-year consolidation phase. This breakout can also be seen on a chart of eBay versus the tech sector as a whole.
If eBay can break and stay above the $60 area, analysts believe it would be a bullish indicator.
LinkedIn Corp (NYSE: LNKD)
After breaking out to new all-time highs above the $258 area, LinkedIn stock has since pulled back to the former resistance level.
Analysts believe that LinkedIn stock will follow the technical analysis rule of thumb that once resistance is broken, it becomes support. They are advising traders to buy LinkedIn on the pullback.
Rackspace Hosting Inc (NYSE: RAX)
Analysts like that Rackspace recently broke above the $50 resistance level and believe that a breakout above $55 could lead to a re-test of all-time highs at around $81.
Monolithic Power Systems Inc (NASDAQ: MPWR)
Analysts like the tight upward channel and the support that the 200-day moving average seems to have consistently provided for the stock.
Mellanox Technologies Ltd (NASDAQ: MLNX)
Analysts see a broad base forming in the Mellanox chart over the past three years or so and like that the 200-day moving average recently re-gained a positive slope.
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