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4 Recovering High Growth Ideas

With markets recently consolidating off of new highs, there are 4 key growth stock ideas on our screens that are 20% or more below their all-time highs, but have been trending higher, even as the broad markets consolidate. All 4 of these stocks are trading at least 20% off of their all time highs, have a relative strength rating over 60, and closed higher on the week, as SPY and QQQ pulled back.

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Airbnb, (ABNB), a travel services leader, closed Friday at a 4-month weekly closing high and is still 24.7% off of previous all-time highs in February. ABNB has improving price momentum, trading above the 20, 50 and 100-day moving averages, (it does not have a 200-dma as of yet), plus recent bullish moving average crosses, including 20d/50d, 20d/100d and 50d/100d, all which indicate an improving price trend.

Palantir Technologies, (PLTR), in the cloud software industry, closed on Friday at a 7-month weekly closing high, and is still 36.2% off of all-time highs reached in January 2021. PLTR is trading above all 4 key daily moving averages (20d, 50d, 100d & 200d). The 20-dma recently crossed above the 50, 100 and 200-dma, indicating very strong near-term price momentum.

Snowflake, SNOW, in the cloud software industry, closed on Friday at a 10-month weekly closing high, it’s highest weekly close in 2021, but still 24.7% off the highs set in December 2020. SNOW is trading above 4 key daily moving averages (20, 50, 100 & 200), and recently made bullish 20d/200d and 50d/200d crosses over the past 5 weeks.

Unity Software, (U), also in the cloud software industry, also closed on Friday at a 7-month weekly closing high, but is still 21.8% off of all-time highs, set in December 2020. U is trading in an uptrend above all 4 key moving averages, and recently had bullish daily MA crosses including 20/200 and the veritable 50/200 (golden cross) on Friday.

Each of these stocks is in an uptrend of higher highs and higher lows, over all key moving averages. While general market direction can have an impact on all stocks, these 4 high growth leaders are showing signs of outperformance.

Disclaimer: At the time of writing this, I am long Airbnb (ABNB) stock. All 4 stocks have appeared on the Blue Chip Daily recommended list over the last 8 weeks. SNOW was our Chart of the Day on 8/10/21, ABNB on 9/7/21 and PLTR on 9/10/21.