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2 ASX growth shares I’m watching this week

Sebastian Bowen
ASX dividend shares

With the S&P/ASX200 (ASX: XJO) index surging higher today, it’s a good time to be invested in shares, but especially in ASX growth stocks. Growth stocks by definition tend to outperform the broader share market, so good days like today often turn into great days if you are following your growth strategy right.

So, in line with this, here are 2 ASX growth shares I’m especially bullish on this week.

Zip Co Ltd (ASX: Z1P)

Zip shares are rocketing today after having a pretty ho-hum couple of weeks. Z1P shares hit an all-time high of $5.86 in mid-October, but a series of bearish broker notes and regulatory issues dampened enthusiasm for this BN-PL player as well as its bigger rival Afterpay Touch Group Ltd (ASX: APT). Zip shares dropped as low as $3.44 just last week.

The shares have subsequently made their way back to the $4.10 level we see today (helped by some positive numbers coming out of the company), but due to the volatile nature of this stock, I still see an upside opportunity at current levels.

Appen Ltd (ASX: APX)

Appen is another tech stock that’s been falling from grace recently. This human-dataset provider saw an all-time high of $32 back in July, but Appen has been trending lower ever since and is going for just $21.79 at the time of writing.

Appen operates in a high-growth industry, and I expect many big tech companies like Apple will continue to work with Appen to fine tune their AI-powered assistants like Siri. I think this stock may have found its bottom last week when it hit $19.96 and looks to be on a swing upwards, judging by today’s prices. Thus, it might be a good time to consider an entry if you haven’t done so already.

Foolish takeaway

I think these 2 ASX growth shares look like compelling deals to me this week, and judging by their pricing history, it might be a good time to consider opening a position.

In my opinion, both Zip and Appen operate in sectors with huge tailwinds – making them at least worthy of a second look on today’s pricing.

The post 2 ASX growth shares I’m watching this week appeared first on Motley Fool Australia.

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Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of Appen Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019