The uptrend line formed by the June 2018 bottom still holds....

The uptrend line formed by the June 2018 bottom still holds.

Important line. That goes and there is no more uptrend. Means this bounce from $2.60 in June 2018 to $4.00 in August 2019 was a dead cat bounce, a rally within a huge bear market since 2015 top. With $4.00 a gift to get out.

One then starts to ask, where is the damn bottom for this stock, when will the 20+ year downtrend end.

Technically, the line hasn't broken yet so lets give that a chance.

But fundamentally, its not looking good. The stock is clearly expensive. PE way too high given no growth.

Even at today's close under $3.00, the PE is 19.6. Ridiculous given Penn's guidance for 2021 where headwinds and challenges continue.

For this stock to get onto a reasonable PE of 15, the price would have to come down to $2.27.

So from fundamentals the line should get broken.

The other thing I noticed while screening the charts is the double bottom of 2010-2011. The candles at the bottoms both have a high and low of $2.57. That is, they haven't bridged. The low on the second bottom should have come down to $2.56 so it bridged, but hasn't. I don't know why the June 2018 bottom of $2.60 didn't quickly take care of this bridging while it was in the area of these prices. I feel that that is a hint TLS share price is going further down, continuing on its long term down trend and taking care of that $2.57-$2.56.

Choice of CEO post Thodey was critical as that is where TLS needed to be smart and find ways to replace NBN inflicted lost earnings. They replaced Thodey with a dud and lost critical time. Should have been an entrepreneur. Recent appointment of an entrepreneur- 5 years too late.

Let's first see if we get any bounce here at this support line. Currently around $2.94.