Magnificent Seven stocks Nvidia (NVDA) and Meta Platforms (META) both earn a spot on IBD Leaderboard as they nip at record highs. Meanwhile, Uber Technologies (UBER), Arm Holdings (ARM) and Neurocrine Biosciences (NBIX) craft potential buy points as three growth stocks on the Leaderboard watchlist do the same.
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Shares of Nvidia stock have come off the all-time high they hit on March 8. But the artificial intelligence leader has shown resilience, holding strongly above its 21-day exponential moving average. The AI chip powerhouse, however, is dipping below the 900 mark.
Meta stock has also shown strength as one of the top AI stocks to watch. An article in February highlighted the stark contrast in performance between Meta and fellow Magnificent Seven stock Tesla (TSLA). As Tesla has continued its skid, Meta has continued to show tight, healthy trading since gapping up in big volume after posting “monumental” earnings Feb. 1.
Uber, 5 Others Drive New Entries As Nvidia Holds Up
While Meta and Nvidia stock keep their powerful runs intact, three fellow Leaderboard stocks — Uber, Arm and Neurocrine — approach or test new buy zones. At the same time, Leaderboard watchlist stocks Block (SQ), CyberArk Software (CYBR) and Toast (TOST) have potential moves brewing or underway.
Uber stock just completed a flat base as it holds above its 10-week moving average. The buy point is 81.86. Prior to the current chart pattern, Uber cleared its 20% profit target from an earlier entry after popping on news that it was joining the S&P 500.
Arm stock has formed a new consolidation while testing support — multiple times — at its 21-day line. The designer and licenser of high-performance semiconductor technology has successfully weathered some volatility since its IPO lockup expiration in mid-March.
The Leaderboard position in Neurocrine Biosciences was trimmed to a quarter position after a sharp break of the 50-day line. On Friday, shares of NBIX stock reversed higher to close above that line. The stock has continued to rebound Monday in volume trending above average.
The biotech closed barely in the bottom half of its intraday range when it tried to clear a flat base on March 21. That move reflected an eagerness among some holders to sell into strength. The stock chart showed a shallow pullback of 11%. Trying to restore the breakout it flashed on March 21, Neurocrine now stands 2% below that 143.35.
CYBR Stock Eyes Breakout As Block Tackles Buy Zone
Just as Arm and Nvidia stock are in the same fabless chip industry, Leaderboard watchlist stocks Block and Toast hail from the credit card and payment processing group. Along with CyberArk, Toast has set up a new entry while payment processor Block looks to shore up an earlier breakout.
Featured in this column last week, shares of CyberArk have formed a second-stage base showing a 283 buy point. The relative strength line has backed off highs but has ridden a general uptrend following its breakout in November. Solidly holding above its 50-day line and popping back above its 21-day line, CyberArk trades around 7% shy of the 283 entry.
The parent of Square, Block stands in buy range, but the February breakout past the 80.29 entry has been tepid. It flashed an early buy signal by clearing a downtrend in the handle. The chart pattern is a first-stage base — a bonus since early-stage consolidations have a greater likelihood of success. The SQ stock’s move back above its major moving averages is a bullish sign.
Toast is forming a cup base with a 27 buy point, although 25.63 could be regarded as a handle entry. Shares of TOST stock have held support at the 21-day line. The RS line is taking a breather after a recent spike. Like with SQ stock, this is a first-stage pattern.
While Toast did not join Nvidia, Meta and Block on the latest list of new buys by the best mutual funds, a B Accumulation/Distribution Rating points to demand. Plus, 18 funds with an A+ rating from IBD own TOST stock.
Follow Matthew Galgani on X (formerly Twitter) at @IBD_MGalgani.
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