Technical indicators say these 9 growth stocks have upside in 2021, Fundstrat says

• Despite November's strong outperformance of value over growth, "growth stocks are not dead," Fundstrat's technical analyst Robert Sluymer declared in a note on Tuesday.
• Growth stocks have further upside into 2021 as they begin to break out of a range of sideways consolidation, according to Sluymer.
• Here are the 9 growth stocks investors should consider buying heading into 2021, according to Fundstrat.
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Following years of underperformance, value stocks posted a significant rebound over growth stocks in November as positive COVID-19 vaccine news led investors to begin buying the beaten down reopening trade, or stocks best poised to recover from a reopening of the economy.

But despite the strong showing for value stocks last month, "growth stocks are not dead nor are they completing longer-term tops," Fundstrat's technical analyst Robert Sluymer said in a note on Tuesday.

Instead, growth stocks are consolidating sideways and digesting their gains after reaching overbought levels following a strong multi-month rally amid the COVID-19 pandemic.

With many growth stocks stabilizing near their 200-day moving average and putting in signs of a bottom or potential breakout above consolidation ranges, Sluymer highlighted 9 stocks to consider buying into 2021.

Here are 9 growth stocks that have further upside potential into 2021, according to Fundstrat.

1. Activision Blizzard (ATVI)

"Gaming stocks bottoming intermediate-term at 200 day moving average," Sluymer said.

2. Electronic Arts (EA)

"Gaming stocks bottoming at rising 200-day moving average," Sluymer said.

3. Take-Two Interactive Software (TTWO)

"TTWO continues to accelerate from support. Accumulate near-term pullbacks," Sluymer said.

4. Atlassian Corporation (TEAM)

"TEAM breaks out of its 2020 trading range - Use near-term pullbacks to accumulate," Sluymer said.

5. Coupa Software (COUP)

"COUP's weekly momentum is bottoming. Use near-term pullbacks to accumulate," Sluymer said.

6. MongoDB (MDB)

"MDB breaks out to new highs following 2H consolidation - Accumulate pullbacks," Sluymer said.

7. Advanced Micro Devices (AMD)

"AMD's 2H consolidation maturing to the upside - Add exposure on near-term pullbacks," Sluymer said.

8. Analog Devices (ADI)

"ADI remains early in a new long-term up cycle - Expect pullbacks to be shallow - Accumulate," Sluymer said.

9. Keysight Technologies (KEYS)

"Similar to ADI, KEYS is early in a new upcycle after breaking out of its 2019-2020 trading range," Sluymer said.