Number 1 Stock To Buy Right Now
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Buying a stock is easy, but buying the right stock without a time-tested strategy is incredibly hard. So what are the best stocks to buy now or put on a watchlist MercadoLibre (MELI), Meta Platforms (META), HubSpot (HUBS), PagerDuty (PD) and Palo Alto Networks (PANW) are prime candidates.
The CAN SLIM system offers clear guidelines on what you should be looking for. Invest in stocks with recent quarterly and annual earnings growth of at least 25%. Look for companies that have new, game-changing products and services. Also consider not-yet-profitable companies, often recent IPOs, that are generating tremendous revenue growth.
Once you have found a stock that fits the criteria, it is then time to turn to stock charts to plot a good entry point. You should wait for a stock to form a base, and then buy once it reaches a buy point, ideally in heavy volume. In many cases, a stock reaches a proper buy point when it breaks above the original high on the left side of the base. More information on what a base is, and how charts can be used to win big on the stock market, can be found here.
A key part of the CAN SLIM formula is the M, which stands for market. Most stocks, even the very best, follow the market direction. Invest when the stock market is in a confirmed uptrend and move to cash when the stock market goes into a correction.
A stock market rally that kicked off 2022 soon fell on its face. The market overall has been choppy since then, with bear market rallies often being undercut by painful drawdowns. While the Nasdaq looks healthy, the S&P 500 has fallen under the 50-day moving average amid challenging action sparked by negative action among bank stocks.
Now is a time to prepare for the next stock market uptrend by creating a robust watchlist. Focus on fundamentally strong stocks coming out of sound chart patterns, such as those in the IBD 50. These names will tend to have rising relative strength lines. The stocks below are good candidates.
Now let's look at MercadoLibre stock, Meta stock, HubSpot stock, PagerDuty stock and Palo Alto Networks stock in more detail. An important consideration is that these stocks all boast impressive relative strength.
MELI stock has surged into first place in IBD's competitive Retail-Internet industry group. Other high fliers include China e-commerce giant Pinduoduo (PDD) and Etsy (ETSY).
Lackluster earnings are reflected in an EPS Rating of 48 out of 99. Despite this, growing bullish sentiment is reflected in the fact it is in the top 4% of stocks in terms of price performance over the past 12 months.
Encouragingly, the stock has been getting support at its 21-day exponential moving average and recently found support at the 50-day/10-week line. IBD research has found that big stock market winners tend to find support at the 21-day after a breakout for at least several weeks.
At a growing number of companies, digital transformation means speeding up internal software development and deploying new applications quickly. The process includes monitoring how apps perform. It's called "DevOps."
While AI has become a new topic of conversation for many investors, it's not new for CrowdStrike (CRWD 1.64%). The company is a pioneer in using AI in cybersecurity. Its AI-driven Falcon platform continues to win new customers and drive expanding relationships from existing ones, enabling it to grow briskly. With much more growth ahead, it's a no-brainer stock to buy for those desiring to add an AI play to their portfolio.
CrowdStrike's CEO firmly believes that his company's already expansive opportunity will continue to grow in the future. "We see a massive opportunity to leverage our AI-driven 'collect data once, reuse many times' platform to expand share across our markets," he said. The company's current total addressable market opportunity is over $75 billion. It sees that number expanding to $158 billion by 2026.
CrowdStrike is a pioneer in applying AI in cybersecurity. That enabled it to build a
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