TREX looks buyable here as it breaks through the pivot at $69.
TREX is a building products company - specifically decking materials. Construction and related stocks have surged the last several weeks after Wall Street interpreted the latest Fed meeting as a pivot away from raising rates. the 10-yr bond yield has fallen 0.50% over the last few weeks and mortgage rates have come down with it.
The boom in construction, which has been fueled by a lack of housing supply in the used market, is likely to accelerate further if rates continue falling as many banks currently forecast.
And Trex Company will benefit from this trend.
After a structured downtrend in August and September, TREX has ripped higher on big volume. It now trades above all its moving averages and has another 10% to go before reaching its 52-week highs at $76.
But TREX is well below its all-time highs. Shares traded at $140 in late 2021 - double its current price. So it looks like there appears to be plenty of upside left on this one.
TREX is a building products company - specifically decking materials. Construction and related stocks have surged the last several weeks after Wall Street interpreted the latest Fed meeting as a pivot away from raising rates. the 10-yr bond yield has fallen 0.50% over the last few weeks and mortgage rates have come down with it.
The boom in construction, which has been fueled by a lack of housing supply in the used market, is likely to accelerate further if rates continue falling as many banks currently forecast.
And Trex Company will benefit from this trend.
After a structured downtrend in August and September, TREX has ripped higher on big volume. It now trades above all its moving averages and has another 10% to go before reaching its 52-week highs at $76.
But TREX is well below its all-time highs. Shares traded at $140 in late 2021 - double its current price. So it looks like there appears to be plenty of upside left on this one.