5 Hot Tech Stocks Near Buy Points As Nasdaq Hits New Record High

With the Nasdaq hitting another new intraday all-time Friday, here's a look at five tech stocks that are near buy points: Facebook ( FB ), Cavium ( CAVM ), Broadcom ( AVGO ), Workday ( WDAY ) and LogMeIn ( LOGM ).

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Facebook

Facebook, an IBD 50 name, is trading just 1% below a 175.59 buy point. Shares came within a dollar of that level early last week, but pared their gains. With Facebook so close to the buy point, it's important to point out a lagging Relative Strength line . You want to see the line hitting new high ground on a breakout, which signals outperformance vs. the S&P 500.

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Cavium

Chipmaker Cavium is trading 2.6% below a cup-with-handle entry at 70.18. Shares have been bumping up against some resistance just under the 70 level over the past few weeks. And though the 50-day line is starting to trend higher, it's still below the 200-day line. That means Cavium's recent price performance has been on the weaker side.

Broadcom

Fellow chipmaker Broadcom, an Apple (AAPL) supplier, is working on a flat base with a 259.46 buy point. Broadcom shares were able to retake the key 50-day moving average last week, and are now trading 4.5% below the entry.

Workday

Workday is trading just 2% below a flat base buy point of 111.55. The enterprise software firm only spent a handful of days below the 50-day line as it built the base.

LogMeIn

LogMeIn, another enterprise software name, is trading 4% below a 121.35 cup-with-handle buy point. While shares recently found support at the 200-day line and quickly cleared the 50-day line, the handle is quite long, making the shape of the base somewhat irregular.

FANG Stocks News & Quotes: Facebook, Amazon, Netflix, Google

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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