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Possible Bearish Inside Day Candle Pattern Detected for Tronox Ltd-Cl A (NYSE:TROX)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Tronox Ltd-Cl A (NYSE:TROX) based on the price action in the company's shares. Yesterday's price range of $10.41 and $10.73 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 Tronox Ltd-Cl A may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Tronox Limited operates mining and inorganic chemical businesses. The Company mines and processes titanium ore, zircon, and other minerals, as well as manufactures titanium dioxide pigments. Tronox mines trona ore and manufactures natural soda ash, sodium bicarbonate, caustic soda, and other compounds which are used in the production of household products.

In the past 52 weeks, Tronox Ltd-Cl A share prices have been bracketed by a low of $6.46 and a high of $21.04 and closed yesterday at $10.70, 66% 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%.

There is potential upside of 147.7% for shares of Tronox Ltd-Cl A based on a current price of $10.70 and an average consensus analyst price target of $26.50. Tronox Ltd-Cl A shares should first meet resistance at the 200-day moving average (MA) of $11.62 and find additional resistance at the 50-day MA of $12.62.

SmarTrend recommended that its subscribers protect gains by selling shares of Tronox Ltd-Cl A on May 6th, 2019 by issuing a Downtrend alert when the shares were trading at $12.83. Since that call, shares of Tronox Ltd-Cl A have fallen 15.5%. 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 tronox ltd-cl a

Ticker(s): TROX