Colleague Raul3 aka @TwoSmuth alerted me this morning that TPX has entered “the void” (why this was not on my watchlist is beyond me, but the glaring omission has been rectified).
A few weeks ago I did some analysis on the stock and noted that the low volume area measured to about a $15/share. With a buffer in place to try and avoid getting chopped up on the periphery of the LVN, we are very close to where I would consider starting a position in this stock.
I know that I’m none to enthused about buying at the high end of a +9% day, so I’m going to sit by and wait to see if this one takes a breather before moving higher. Granted, I may miss some of this initial move; however my “buy point” is at 38.8, so there is still some room to maneuver, and a consolidation here would provide an ideal opportunity for me to start a position.
UPDATE: Raul3 has notified me in the comments that TPX reports after the close today (1/24), so I definitely will be waiting until that smoke clears before making any decisions.
I’ll post the chart from my initial analysis and then a current version: