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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Trinity Industries (NYSE:TRN) based on the price action in the company's shares. Today's price range of $18.78 and $19.07 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 Industries 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, shares of Trinity Industries have traded between a low of $14.94 and a high of $31.80 and are now at $18.82, which is 26% above that low price. The 200-day and 50-day moving averages have moved 0.67% lower and 0.97% higher over the past week, respectively.

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 also leases railcars and other products. The Company markets its products in the United States and internationally.

There is potential upside of 74.0% for shares of Trinity Industries based on a current price of $18.82 and an average consensus analyst price target of $32.75. Trinity Industries shares should encounter resistance at the 200-day moving average (MA) of $23.20 and support at the 50-day MA of $18.43.

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

Keywords: bearish inside day candle trinity industries

Ticker(s): TRN