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Possible Bullish Inside Day Candle Pattern Detected for Transenterix Inc (AMEX:TRXC)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Transenterix Inc (AMEX:TRXC) based on the price action in the company's shares. Yesterday's price range of $4.70 and $5.08 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. Traders and investors interested in shares of Transenterix Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

TransEnterix, Inc. operates as a medical device company that uses instruments and robotics to improve the outcomes of minimally invasive surgery. The Company focuses on the commercialization and development of surgical robotic systems. TransEnterix offers systems which allows multiple arms to control robotic instruments and a camera.

Transenterix Inc (AMEX:TRXC) is currently priced 17.9% above its average consensus analyst price target of $4.00. The stock should hit resistance at its 50-day moving average (MA) of $5.44, as well as support at its 200-day MA of $3.35.

In the past 52 weeks, Transenterix Inc share prices have been bracketed by a low of $1.27 and a high of $6.98 and closed yesterday at $4.87, 283% above that low price. Over the past week, the 200-day moving average (MA) has gone up 1.8% while the 50-day MA has declined 0.7%.

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

Keywords: bullish am inside day candle amex:trxc transenterix inc

Ticker(s): TRXC