These beaten-down tech stocks could be ready to snap back

A Qualcomm sign is seen at the second China International Import Expo (CIIE) in Shanghai, China November 6, 2019. REUTERS/Aly Song
Aly Song | Reuters

With the Nasdaq Composite falling into correction territory on Monday, traders were scouring the tech stock ranks to find oversold shares that may be due for a bounce back.

CNBC Pro screened for tech stocks that have fallen too far, too fast based on a common simple technical analysis technique. We then screened among those shares for stocks that are forecast to bounce back according to analysts fundamental price targets.

Tech stocks soared in 2020 as the Federal Reserve cut interest rates and investors bet on growth. However, interest rates have spiked in recent months and investors have rotated to value stocks, leaving tech stocks to appear oversold by some measures.

With Nasdaq 100 futures pointing to a bounce back day for tech stocks on Tuesday, the group could be getting a big bounce. Here are some names to watch: