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Possible Bearish Inside Day Candle Pattern Detected for Transenterix Inc (AMEX:TRXC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Transenterix Inc (AMEX:TRXC) based on the price action in the company's shares. Today's price range of $2.31 and $2.31 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Transenterix Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

TransEnterix, Inc., a medical device company, engages in the research, development, and sale of medical device robotics to enhance minimally invasive surgery.

There is potential upside of 73.0% for shares of Transenterix Inc based on a current price of $2.31 and an average consensus analyst price target of $4.00. Transenterix Inc shares should first meet resistance at the 50-day moving average (MA) of $2.63 and find additional resistance at the 200-day MA of $3.85.

In the past 52 weeks, Transenterix Inc share prices have been bracketed by a low of $1.58 and a high of $6.98 and are now at $2.31, 46% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 0.6%.

SmarTrend is tracking the current trend status for Transenterix Inc and will alert subscribers who have TRXC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle amex:trxc transenterix inc

Ticker(s): TRXC