TPMA - CUP WITH HANDLEPosition Update: October 23, 2024
Key factors:
1. Low-risk entry point.
2. Very clear bases with VCP characteristics.
3. High relative strength stock.
4. Established a clear Stage 2 uptrend, indicating upward continuation.
5. The recent reduction in volume suggests diminished supply in the market.
6. Many stocks start showing traction based on my own stock continuum.
7. We are in the early phase of a larger bull market cycle, adding tailwinds to individual stock movements.
8. The market shows a constructive advance, with 55% of stocks trading above their 200-day moving average, indicating underlying market health.
9. Significant volume on the breakout, supporting the move’s legitimacy.
Considerations: Risk should be managed properly given the stock's sharp ascent and potential for profit-taking.
This is a textbook cup with handle formation which immediately showing its strength. The stock up 11% from my buy point today. I'll be closely monitoring its behavior to assess its ability to hold and build on these gains.
