The vwaps are very different though this time to what they were in late April when TPL got pumped last, which is ultimately what counts. We know, for example, that 60M shares were traded at an average price of just under 3c on Friday. The intraday high was 3.2c and we closed at 2.9c.
Today saw a vwap of 2.8c on ~20M vol. Yet we closed at 2.6c.
Now in isolation and without considering anything else, the candles would appear fairly average.
But if we recognise the average price paid on this leg up, a very different picture appears. Notwithstanding the fact traders obviously account for some of the intraday churn (i.e. buy/sell multiple times throughout the day) MANY traders/investors are currently holding TPL shares at a price well above what we closed at today.
If anyone has a counter view I'm keen to hear it because I can't see how the last two trading day's action can be construed as anything but positive. That doesn't mean we won't go down further of course.
TPL Price at posting:
2.6¢ Sentiment: LT Buy Disclosure: Held
