Trying to find a good bargain seems tough these days, but there are certainly opportunities for savvy investors. Looking for cheap blue-chip stocks to buy before they rebound is a smart strategy right now.

As anyone that has been grocery shopping, to the gas pump or out for a night on the town can attest, the world has gotten a great deal more expensive in 2022 due to price hikes inexorably linked to Covid-19 and the Russia-Ukraine war. But that’s just on Main Street.

Within the financial markets, an indiscriminate bear market has bullied shares of even the strongest companies. This includes firms with proven track records of long-term success known as blue-chip stocks.

For smart investors, the following seven cheap blue-chip stocks are attractively positioned to buy now.

Cheap Blue-Chip Stocks to Buy: MGM Resorts (MGM)

Source: Charts by TradingView

MGM Resorts (NYSE:MGM) is the first cheap blue-chip stock to buy.

There is no doubt that Covid-19 restrictions and reduced consumer spending could make MGM appear risky. However, it’s time to look past those worries.

Down 21% year to date, investors have a chance to buy MGM as it trades at a historically lean sales multiple of less than 1.5. What’s more, this cheap blue-chip stock has a possible ace up its sleeve with its well-positioned mobile BetMGM app within the booming online sports betting market.

2022’s bear market has also successfully tested and confirmed a monthly bottoming pattern into channel, Bollinger and a pair of long-term Fibonacci supports. Coupled with a monthly oversold stochastics buy signal, MGM is an odds-on favorite for bullish investors to beat the Street!

General Motors (GM)

Source: Charts by TradingView

General Motors (NYSE:GM) is the next of our cheap blue-chip stocks to purchase.

This year’s market correction has taken a decidedly vicious bite out of General Motors, with shares down about 37%. But don’t let the larger bear market fool you, it’s a buying opportunity.

Today, GM is about as cheap as they come with shares sporting a forward P/E of less than 5.25 and priced at just 0.4 of sales. Moreover, it’s not a value trap.

Following last week’s earnings report, The Motley Fool noted that despite a tough quarter and possibility for additional near-term supply chain challenges, demand for GM vehicles remains incredibly strong. Also, solid longer-term growth looks terrific with management targeting revenues to double by 2030 on growing profit margins.

On the price chart, the early August price action insists this cheap blue-chip stock won’t be on sale for long.

Shares have confirmed July’s bullish reversal candlestick off a support area backed by channel, retracement and GM’s Bollinger band. And with a bullish monthly stochastics signal in tow, it’s time to back up the truck in GM stock!

Cheap Blue-Chip Stocks to Buy: Disney (DIS)

Source: Charts by TradingView

Disney (NYSE:DIS)  is the third of our cheap blue-chip stocks to buy.

In 2022 The House of Mouse has proven more of a house of pain. But the extremely bearish cycle sets the stage for a longer-term bottom in the world’s most diversified entertainment company.

Sure, investors could worry over Covid-19, monkeypox or skyrocketing prices for life’s essentials eating into Disney’s theme parks, streaming business, cruise lines and must-have merchandise for the kiddos. But Walt Disney shares are cheap.

DIS stock is currently changing hands for a historically favorable 2.5 times sales and a reasonable earnings multiple of less than 20 which looks more compelling given DIS’ PEG ratio of just 0.65.

Toss in a monthly price chart now confirming a meaningful bottom off decade-plus Fibonacci and trend line support wedged inside Disney’s 2020 scream ride, this cheap blue-chip stock is ready to bring long-term smiles to investors.

Micron Technology (MU)

Source: Charts by TradingView

Micron Technology (NASDAQ:MU) is the fourth of our cheap blue-chip stocks to buy.

It’s no secret that technology and chip-related stocks in particular have been challenged by ongoing supply chain disruptions. And DRAM memory and NAND flash specialist Micron hasn’t proven immune to the challenges as late-June’s surprise dismal sales guidance attests.

But there comes a time when sell the rumor and buy the news makes sense. And that day has arrived.

Having corrected by 30% and trading at a measly forward price multiple of less than 9, it’s time to embrace Micron’s secular growth opportunities in EVs, cloud computing, artificial intelligence and more, rather than being fearful of near-term headwinds which are likely priced in.

The MU stock price chart agrees too. With August just underway this cheap blue-chip stock’s bear market has been stopped in its tracks with shares confirming a monthly reversal pattern off trend and long-term Fibonacci support backed by a bullish stochastics setup.

Cheap Blue-Chip Stocks to Buy: Bank of America (BAC)

Source: Charts by TradingView

Bank of America (NYSE:BAC) is the next of our cheap blue-chip stocks to purchase.

Investors need to look no further than Warren Buffett’s Berkshire Hathaway (NYSE:BRK-A, NYSE:BRK-B) to realize there’s value in owning BAC stock. The financial giant is the storied investment firm’s second-largest position. Moreover, there looks to be added value in buying shares today.

Revenues from the bank’s recent Q2 report revealed a solid increase of 6% helped by a significant jump of 22% in net interest income. Also, despite rising interest rates, BofA is also set to deliver mid- to high-single-digit loan growth for the entire year.

This month, shares of BAC have confirmed a well-supported pivot low within an emerging bullish up-channel. And without hesitation, that should make technical bulls happy value investors as well.

Biogen (BIIB)

Source: Charts by TradingView

Biogen (NASDAQ:BIIB) is the sixth cheap blue-chip stock to buy.

Investing in biotech stocks can be tricky given the risks associated with drug trials or competition from generics on successful products when patents expire. But BIIB stock is making the case that where there’s risk, there’s greater rewards.

In July, it released a profit and sales beat, while also raising its full-year sales and earnings guidance. But with investors caught exiting shares on worries tied to Biogen’s Alzheimer’s drug Aduhelm, this profitable and cash-flow positive company looks cheap priced at around 13 times earnings.

The price chart agrees.

Shares are trading in a bullish triple undercut bottoming or bear trap pattern stationed around Biogen’s long-term 62% retracement level. Buying this cheap blue-chip stock is a Rx for profits.

Cheap Blue-Chip Stocks to Buy: Cisco Systems (CSCO)

Source: Charts by TradingView

Cisco Systems (NASDAQ:CSCO) is the last of our cheap blue-chip stocks to buy.

So, how do you know when a stock is cheap? How about when a company announces a nightmare of a surprise, but shares trade opposite the news. The awful revelation it turns out was already priced in by investors effectively discounting what the future might usher in.

With CSCO stock, Wall Street did just that.

Following mostly weak quarterly results punctuated by disappointing sales guidance, investors slammed shares by nearly 14%. But vitriol also marked a bottom in the tech connectivity play.

To be certain, the dawn of a new era of outsized prosperity for CSCO shareholders isn’t likely in the cards.

But given a price multiple of less than 13 earnings, Street views forecasting roughly 6.5% bottom-line growth, a well-supported 3.36% dividend and bulletproof cash position, what more could investors want?

If that request includes buying a durable monthly low from which shares can trend steadily higher, then this cheap blue-chip stock has investors covered.

On the date of publication, Chris Tyler has a long position in MU. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.