Hello klokanmaros, nice to see some charts. Good point about the angles.
Nice to see 2 posts by MissG today on a red day and not yesterday on a green day.
Exercising some cortex synapses with minimal testosterone and being careful not to express bias, need to be mindful of TLS having a 2 in front of it soon enough as MissG suggested recently. As it can happen.
It is clear TLS is expensive based on fundamental analysis. I mentioned the high PE and TLS being expensive some weeks back. But a stock can be expensive based on fundamentals and chart still move up. Case in point the recent move up from $3.63 to $3.89. The market knew TLS's fundamentals during that rise, but still moved up. Nothing has changed in TLS's fundamentals before and after this recent rise. But you could see the rise coming by looking at the chart. And as I mentioned at the time, you could see when the rise will likely stop (ie. when RSI reaches into 70's). As is did recently. So that is the usefulness of charts and charts should definitely not be put away. Picked up 20k on that rise. Too bad I sold too early and didn't listen to my own advice and sell at RSI 70's to net 50k.
So back to the charts MissG.
The price action after the recent spike to $3.89 is suspect. The recovery candle after the recent low of $3.64 was hit should not have been a red candle. It was the strong gap up open of that day, but yet, ending in a red candle that raised an alarm for me.
To assess the level of danger, we look at the 22 EMA line, the 50MA and the 200MA.
The fall today was to exactly the 22 EMA line at $3.68. Then bounce off it to close at $3.69. Volume not so high. Well above the 50MA and 200MA which both sit at $3.59.
The other significant chart feature to note is that we could be in wave 4 of a mini wave 5 structure as shown in the last image. If so, the weakness that hit us today should not get us below $3.63 (into territory of wave 1).
What we need is to go back green as soon as possible.
Chart conclusion, for TLS not to be trading with a 2 in front of it soon enough, TLS's needs to stay above 22EMA, 50MA and the 200MA. And critically, not fall below $3.46 and $3.40 support. Providing we hold the above, there wont be a 2 in front.
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