Hii ,
Welcome To HCM & Thanks For Asking Your Query Here
I have understand Your query and will try to provide information you need on it
from the Medical History you provided it seems that you have an Sebaceous
cyst there , it is normally round in shape and is movable
as you squeezed it , the white color wax type stuff which came out is sebum and after few days again it become large due to collection of new sebum
A sebaceous cysts are often harmless and cause no pain, they may require no treatment. They may also go away on their own
Occasionally, a sebaceous cyst may become infected
An infected or large sebaceous cyst may also be removed surgically. This is a minor procedure that can be done on an outpatient basis.
finally i would strongly suggest you to visit your surgeon to rule out any other underlying medical conditions
I hope it help
Thanks & Get well Soon