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Possible Bearish Inside Day Candle Pattern Detected for Trinseo Sa (NYSE:TSE)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Trinseo Sa (NYSE:TSE) based on the price action in the company's shares. Yesterday's price range of $38.75 and $39.21 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 Trinseo Sa may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Trinseo S.A. manufactures emulsion polymers and plastics. The Company offers a range of plastic, latex, and synthetic rubber products for automotive, consumer electronics, portable appliances, glazing, sheet, board coatings, packaging, and tires. Trinseo operates worldwide.

Potential upside of 120.5% exists for Trinseo Sa, based on a current level of $39.11 and analysts' average consensus price target of $86.22. The stock should run into initial resistance at its 50-day moving average (MA) of $43.90 and subsequent resistance at its 200-day MA of $53.41.

Trinseo Sa share prices have moved between a 52-week high of $82.18 and a 52-week low of $36.65 and closed yesterday at 7% above that low price at $39.11 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.8% while the 200-day MA has slid 1%.

SmarTrend recommended that its subscribers protect gains by selling shares of Trinseo Sa on March 8th, 2019 by issuing a Downtrend alert when the shares were trading at $46.69. Since that call, shares of Trinseo Sa have fallen 14.3%. 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 trinseo sa

Ticker(s): TSE