The so-called FANG shares have yet to regain their momentum since bouncing from lows during the December sell-off and gave way to the cloud stocks and semiconductors to lead the tech sector, CNBC's Jim Cramer said Tuesday.
But with the tide of the market turning, current conditions could present an opportunity for the group to get its "groove" back, the "Mad Money" host said. He called on Dan Fitzpatrick, the founder and CEO of Stock Market Mentor and Cramer's RealMoney.com colleague, who saw interesting chart action in some of the FANG stocks, including the data privacy-troubled Facebook.
Negative headlines doomed Facebook in 2018 and the stock plummeted too fast and too far as investors thought it would lose its gigantic user base, Cramer said. Fitzpatrick's charts show that the company has climbed above its 200-day moving average, which makes technical analysts think the stock can be bought again, the host said.
Following a strong fourth quarter report, the stock price has gained more than 30 percent this year and is 5 percent off its mark a year ago.
"Fitzpatrick notes that Facebook has been in [a] resting phase since its big spike in late January," Cramer said. "Late last week, Facebook started breaking out and Fitz thinks the volatility squeeze could result in some significant upside."
"Some parts of FANG have definitely gotten their groove back. I think FB and Alphabet are worth buying right here," he said. "Maybe wait for the breakout before picking up Amazon."
Get a deeper look at FANG's momentum here.