Don’t Sleep on this Chart! Let’s look at Tempur Sealy $TPX. (September 02, 2020)TBX
This is Scott with your Free Chart of the Day. I want to take a look at Tempur Sealy ( NYSE: TPX ). We love our Tempur-Pedic mattress, it is so comfortable we sleep like babies on that mattress. But here’s the thing, I don’t want you to sleep on this chart because this chart looks like it wants to go higher.
If I zoom in here a little bit you can see that TPX ( NYSE: TPX ) has really just kind of built a nice base of consolidation over the last 20 days or so. In the last 2 sessions we’ve had some nice upticks in volume. In fact, higher than average volume and support at the 21-day exponential period moving average.
Today Tempur ( NYSE: TPX ) closed just under a recent level of resistance. So we are right there, we are right close to a level where you can define your risk. What you want to do is you want to set an alert at around 89.30, something like that. And you want to get a move above 89.30 on volume. If we get a close above 89.30 on volume we could see more upside here on this chart.
If I flip to a weekly chart as you can see weekly the stock is, again, going sideways the last couple of weeks. So if we break above that level and stay above that level the chart is making a new weekly high, which means the uptrend could continue. Anytime I am looking at a chart, I always like to glance at the weekly chart even though I base most of my decisions on the daily chart looking at a weekly can help you zoom out and check out the overall trend of a stock.