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Possible Bullish Inside Day Candle Pattern Detected for Trina Solar (NYSE:TSL)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Trina Solar (NYSE:TSL) based on the price action in the company's shares. Today's price range of $7.10 and $7.22 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. Traders and investors interested in shares of Trina Solar may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

In the past 52 weeks, shares of Trina Solar have traded between a low of $6.91 and a high of $13.25 and are now at $7.20, which is 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 0.7%.

Trina Solar Limited manufactures solar-power products including photovoltaic wafers, ingots and modules. The Company's solar modules provide reliable and environmentally-friendly electric power for residential, commercial, industrial and other applications worldwide.

Trina Solar has overhead space with shares priced $7.20, or 45.9% below the average consensus analyst price target of $13.32. The stock should run into initial resistance at its 200-day moving average (MA) of $9.82 and subsequent resistance at its 50-day MA of $10.05.

SmarTrend recommended that its subscribers protect gains by selling shares of Trina Solar on May 3rd, 2016 by issuing a Downtrend alert when the shares were trading at $9.23. Since that call, shares of Trina Solar have fallen 24.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Trina Solar

Ticker(s): TSL