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

By David Diaz

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. Yesterday's price range of $21.66 and $21.83 is within the prior day'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.

In the past 52 weeks, Trinity Industri share prices have been bracketed by a low of $18.99 and a high of $39.35 and closed yesterday at $21.73, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 1.6%.

Potential upside of 91.0% exists for Trinity Industri, based on a current level of $21.73 and analysts' average consensus price target of $41.50. Trinity Industri shares should first meet resistance at the 50-day moving average (MA) of $21.91 and find additional resistance at the 200-day MA of $31.70.

Trinity Industries, Inc. manufactures transportation, construction, and industrial products. The Company's products include tank and freight railcars, inland hopper and tank barges, highway guardrail and safety products, ready-mix concrete, and other products. Trinity markets its products internationally.

SmarTrend recommended that its subscribers protect gains by selling shares of Trinity Industri on October 12th, 2018 by issuing a Downtrend alert when the shares were trading at $35.81. Since that call, shares of Trinity Industri have fallen 38.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle trinity industri

Ticker(s): TRN