This story was originally published here.
You may not agree with the market’s rebound or even the larger rally over the past couple months. But that’s what healthy markets do. Still, great stories can and often do get disconnected from broader price action. Today is no different and for investors that know where to look, there’s a sizable opportunity to pick up compelling growth stocks at a discount right now.
Many will argue there’s a ridiculous divide between a historic bull run spawned from an equally dazzling, but brief record-breaking bear market and what’s going on in the U.S. economy at large. And it sure seems that way. But the market is also importantly a forward-looking and fluid mechanism. Not that it’s always right. It is, until it’s not and that can happen in the blink of an eye. Last week’s nasty sell-off is obvious evidence of that.
More important, this week’s quick and well-bid, counter-attack finds the market once again challenging its pre-novel coronavirus levels. And in the case of an index like the Nasdaq Composite with its abundance of growth stocks, a new all-time-high set just last week is but a hair away. Like it or not, it is what it is and the price action only solidifies the bull case.
The good news for investors having difficulty swallowing the broader market rally is that Wall Street doesn’t roll out the red carpet uniformly. Believe it or not, there are still bargains even in today’s “mostly healthy” market environment. Individual stock corrections happen all the time.
Companies with compelling growth narratives aren’t immune either. Bearish phases in growth stocks can be deep and lengthy affairs. We’ve seen it happen to even the best and most dearly-held names, such as Netflix (NASDAQ:NFLX) or Amazon (NASDAQ:AMZN).
That’s great news for investors looking to add to their portfolios. These three growth stocks to buy are currently being overlooked by the wider markets.
The market is always right, until it isn’t. The technicals here give you a chance to get ahead of the competition.
Overlooked Growth Stocks to Buy: (BYND)
Source: Charts by TradingView
The first of our growth stocks to buy is meat-alternative maker Beyond Meat. Not that the substitute meat giant is completely unloved. In fact, shares are up an enviable 7% or so in Wednesday’s session and hitting new marginal highs for 2020. But investors haven’t seen anything yet.
The big picture for Beyond Meat looks great. The company was already well-positioned for existing secular trends. People want to eat healthier. Now though, consumers are increasingly aware of the health and sanitary benefits of plant-based, non-animal products in the wake of Covid-19.
Sure, real meat isn’t going away overnight, and there will be competition and lower margins in the future. But right now the bull case for Beyond Meat is heating up in a big way.
Technically, today’s gains are reaffirming a growth stock poised for outsized momentum. A look at the weekly chart shows that the 62% retracement level currently being challenged could act as a barrier.
But there’s always some line on a price chart to make investors blink, right? Moreover, Beyond Meat is trending nicely within the right side of its large corrective cup-shaped base. And with shares still more than 30% from its pattern and all-time-high, this growth stock is looking well-served for a purchase right now.
Editor's Note: Click here to keep reading.
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