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:
-EM
3 Responses to “Go Long $TPX and Get a Better Nights Rest”
Raul3
Earnings AMC so prolly stay sideline until tomm.
elizamae
Indeed…thanks for bringing that up…I’m going to amend the post as well.
Raul3
They beat and are ripping a/h this void is def in play.