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Strategies & Market Trends : LPL -- leader in World's TV Industry

LPL 5.030

+4.4%

Oct 31 4:00 PM EDT

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From: chessboard_andy	1/14/2021 1:36:22 PM
	Read Replies (1) of 76

Block sells absorbed well. New support is $9.60 There was a 45k share block sold at 11:19 and a 25k share block sold at 12:42. Those are very large trades, and I never really understand why someone would sell in that size chunk without some sort of agenda to push the price down. It could just be lazy money-managers taking profit, but I often think it is someone trying to push the price to benefit a hedged position. You expect to see volume like that at open and close, but mid-day is always suspect to me. In any event, LPL did a stellar job absorbing those trades and bouncing back up immediately into today's trading range. The trend has been ticking up on better volume as we approach close, and I am looking for that to happen again today. Honestly, any close above $9.60 is great, but above $9.73 is fantastic and $9.75 would be stupendous. (The stock opened today at $9.75 and the first minute saw a low of $9.6 and close of 9.73, so any of those levels represent closing well in my eyes.) Holding $9.60 will create a new support level, and it survived its first two tests with the block sells referenced above. zoomed in to remove compression artifacts: The first block sell pushed down to 9.64 and the second pushed down to 9.60. In both cases recovery was immediate and pronounced.

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