As Op says, volume very low past 2 days. But $2.81 and $2.80 saw support.
Today we see TLS just starting to poke its head above the upper trend line for the first time.
It is looking like TLS wants and is going for $3.00.
However, what is important is when it gets there, that is, will it get there before 16 August and plunge back down (be a case of buy the rumor and sell on the results day, sell when Penn talks). Or will it do $2.85 at best until results day and owing to a better than expected result, do a gap up, sudden jump up to $3.00 on huge volume on 16 August.
One thing for sure is, volumes are very low and believe me, much higher volumes are going to come soon, either good green volumes or nasty red volumes.
The July monthly volume that started this rise up sits at 516 Million shares. Not too shabby but could have been stronger. Historically, there are similar levels of monthly volume that started uptrends.
Month of August often is a real bit.h for TLS as shown. This is owing to full year results and negative forecasts, plus ex div late in the month.
Since Penn came in, full year results have always been accompanied by a negative forecast (challenging, very challenging conditions ahead) and recently, a div cut. You can clearly see months of August since Penn started have been really nasty long red candles relative to pre Penn Augusts. Will this August be any different for Penn? Place your bets.
As it stands right now, monthly August 2018 is appearing as a small red doji candle. Opened the month at $2.84 and currently trading about the same. But believe me, this is not going to appear as such by the close of this month. We are now in the calm just before the action starts and that will be next week. So get ready folks. This monthly candle is going to have a larger foot print than currently shown. Lets hope the colour of it is green. That is, opened the month at $2.84, goes to $3.00, then sheds the 11c div on 29 August and only back down to say $2.85-$2.89 ex div and recovers very quickly back into $2.90's on 30, 31st August. And on its way above $3.00 into September.
May the force be with you.
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