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Possible Bearish Inside Day Candle Pattern Detected for Trinity Industri (NYSE:TRN)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Trinity Industri (NYSE:TRN) based on the price action in the company's shares. Today's price range of $19.73 and $20.13 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 Trinity Industri may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 106.4% exists for Trinity Industri, based on a current level of $20.11 and analysts' average consensus price target of $41.50. Trinity Industri shares should encounter resistance at the 200-day moving average (MA) of $21.19 and support at the 50-day MA of $18.70.

Trinity Industries, Inc. provides rail transportation products and services in North America. It operates through three segments: Railcar Leasing and Management Services Group, Rail Products Group, and All Other.

In the past 52 weeks, Trinity Industri share prices have been bracketed by a low of $16.10 and a high of $28.33 and are now at $20.11, 25% above that low price. The 200-day and 50-day moving averages have moved 0.4% lower and 1.05% lower over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Trinity Industri. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Trinity Industri in search of a potential trend change.

Keywords: bearish inside day candle trinity industri

Ticker(s): TRN