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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 $0.24 and $0.25 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 share prices have moved between a 52-week high of $3.68 and a 52-week low of $0.21 and closed yesterday at 14% above that low price at $0.24 per share. Over the past week, the 200-day moving average (MA) has gone down 3.9% while the 50-day MA has declined 11.7%.

Transenterix Inc (AMEX:TRXC) has potential upside of 1,566.7% based on a current price of $0.24 and analysts' consensus price target of $4.00. Transenterix Inc shares should first meet resistance at the 50-day moving average (MA) of $0.55 and find additional resistance at the 200-day MA of $1.51.

TransEnterix, Inc., a medical device company, engages in the research, development, and sale of medical device robotics to enhance minimally invasive surgery.

SmarTrend is tracking the current trend status for Transenterix Inc and will alert subscribers who have TRXC in their portfolio or watchlist when shares have changed trend direction.

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

Ticker(s): TRXC