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

By Amy Schwartz

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. Today's price range of $7.62 and $7.74 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 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.

Potential upside of 245.1% exists for Tronox Ltd-Cl A, based on a current level of $7.68 and analysts' average consensus price target of $26.50. The stock should find initial resistance at its 50-day moving average (MA) of $10.91 and further resistance at its 200-day MA of $10.96.

Tronox Holdings plc engages in the mining, production, and marketing of inorganic minerals and chemicals in North America, South and Central America, Europe, the Middle East, Africa, and the Asia Pacific.

In the past 52 weeks, Tronox Ltd-Cl A share prices have been bracketed by a low of $6.46 and a high of $16.75 and are now at $7.68, 19% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 1.7% while the 200-day MA has slid 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Tronox Ltd-Cl A on August 2nd, 2019 by issuing a Downtrend alert when the shares were trading at $9.99. Since that call, shares of Tronox Ltd-Cl A have fallen 21.7%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle tronox ltd-cl a

Ticker(s): TROX