Top 3 Tech Stocks Set to Hit New All-Time Highs

(Note: This fundamental analysis is provided by a financial writer and portfolio manager.)

Technology shares are experiencing a significant upswing, with the iShares Technology Select Sector SPDR (XLK) index rising more than 12%. Among these, Oracle Corp. (ORCL), Take-Two Interactive Software, Inc. (TTWO), and Activision Blizzard, Inc. (ATVI) stand out as three promising technology stocks poised to increase by 7% or more in the near term, based on technical chart evaluations. Notably, each of these companies is approaching their historical peak prices, suggesting strong upside momentum.

Activision Blizzard leads the pack with a remarkable 17.3% gain year-to-date. In contrast, Oracle and Take-Two have shown modest growth, with increases of 3.3% and 1.9% respectively in 2018.

Take-Two Interactive

Take-Two’s stock has the potential to surge approximately 14%, climbing from its current level near $113.42 back to its all-time high around $129. Technical analysis indicates the stock is on the verge of breaking out from a symmetrical triangle pattern, which typically signals a strong upward move. If this breakout occurs, the next resistance level to watch is $129.40.

Oracle Corporation

Oracle is positioned for a roughly 9% increase, moving from $48.25 to about $52.50, just shy of its all-time high near $53.50. The stock is currently filling a price gap created after a sharp decline following its mid-March quarterly earnings report. The relative strength index (RSI) has been climbing since late March, signaling bullish momentum. Oracle is scheduled to release its fiscal fourth-quarter results on June 19, with analysts expecting earnings to rise nearly 5.8% to $0.95 per share and revenue to grow by 2% to $11.2 billion.

Activision Blizzard

Activision’s shares are also set to climb about 7% back to their record highs. The stock recently broke out of a symmetrical triangle pattern, with no significant resistance until it reaches $79.50, which represents nearly a 7% increase from its current price of $74.29. The RSI is trending upward and remains below the overbought threshold of 70, indicating further room for growth. (For additional insights, see: Analysts Bullish on Activision Blizzard.)

Despite market volatility throughout 2018, these three technology companies exhibit strong potential to reach new record highs soon.

Michael Kramer is the Founder of Mott Capital Management LLC, a registered investment adviser, and manages the firm’s actively managed, long-only Thematic Growth Portfolio. Kramer typically holds stocks for three to five years. For more information, view Kramer's bio and portfolio holdings. This content is for educational purposes only and does not constitute investment advice or an offer to buy or sell securities. Investments carry risks and are not guaranteed. Consult a qualified financial advisor or tax professional before applying any strategies discussed. Upon request, the advisor will provide a list of all recommendations made in the past twelve months. Past performance does not guarantee future results.

Explore useful articles in Markets News as of 30-06-2019. The article titled " Top 3 Tech Stocks Set to Hit New All-Time Highs " offers in-depth analysis and practical advice in the Markets News field. Each article is carefully crafted by experts to provide maximum value to readers.

The " Top 3 Tech Stocks Set to Hit New All-Time Highs " article expands your knowledge in Markets News, keeps you informed about the latest developments, and helps you make well-informed decisions. Each article is based on unique content, ensuring originality and quality.