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Building Solutions Provider Setting up Bullish Breakout

by | Jan 30, 2024

Louisiana-Pacific (LPX) shares are getting tight in a narrow range as prices bounce off the rising 55-day MA the past week near 65 as key support after the name also filled a small gap near there from mid-December. LPX has consolidating its strong end of 2023 move nicely here and RSI staying above 50 on the pullback while now MACD nears a bullish cross. The stock can breakout above its monthly value area if can close over 69.50 and then likely sees a push to 72 first with the bigger objective higher into the 75.00 zone where a VPOC sits overhead and would close a big open gap from back in August. LPX is not as active with options flows but still has 300 Jan 2025 $70 calls in OI from buyers last August at $9.30 and the June $67.50 short puts sold 500x still holding in OI.

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