TLS chart, page-530

Although I have been quiet, I have been watching this like a hawk recently.

We got to $3.25, cracked it to $3.26, $3.27, then $3.28 and even $3.29. But did you all notice the extraordinary low volume that it all happened under? Almost like Christmas trading volume. Very weak and not good enough.

I had bought at $3.13. At $3.26, I didn't know if to continue holding or sell. I sold most and took the profit, but didn't want to close the whole position on FOMO, so bought back in. Then, looked at it more and did the opposite to FOMO and sold all at $3.26 last week. Then it went onto $3.27, 28 and 29.

So, it got me confused too. In the end, I decided to take the profit and sit on the side lines. I always say, most times, you need to "relax with cash" "RWC". RWC is the key to doing a successful clean trade with low pain and minimum mess.

What I paid attention to was the shape of the candles and the low volume. Day 1: it cracked $3.27 and onto $3.29 was a very poor attempt to break out. Did its high during the day and then pulled back to close at $3.26. Not good enough. And the volume on that day was under 20 mil all day right up to 4.00pm close and then suddenly 61 mil volume after the 4.11pm auction close. Strange indeed.

Day 2: High of $3.28 but with a volume of only 14 mil, ridiculously low volume for March. Day 3: Ok, solid green candle looking like another attempt at a breakout, closes at the high of the day at $3.29, great, but again low volume at 18 mil, suspiciously low.

The strength was just not convincing enough for me.

Now, this doesn't mean this is going to tank as a result of today's little red candle and pullback. The chart is still bullish and wanting to go up. If your view is 6-24 months, I would just hold and not care about these small ups and down. I only care because I like the challenge and analysis and like to get the waves up and down. But it is a head fk and a lot of work.

Because the chart appears to have turned the corner as of June 2018 and is generally bullish, what is most likely to happen is price will fall until the RSI get back down to 50 level. The worst is the price will fall until the RSI gets down to my selected 27 level.

What we need is movement up but on decent normal volume. Volume has got to be over 25 mil at least. Not like the past few days with volume under 20 mil. We got back to normal volume today but with a red candle.

I will re-enter when I see volume. And RSI back down to 50 line would be ideal.

By the way, today's weakness was due to the general market weakness, not TLS. So, you need to keep an eye on the All Ords too, not just TLS on its own. That ACCC decision should make sparks fly and detach TLS momentarily from the All Ords when it comes.