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Possible Bullish Inside Day Candle Pattern Detected for Trinity Industries (NYSE:TRN)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Trinity Industries (NYSE:TRN) based on the price action in the company's shares. Yesterday's price range of $17.50 and $17.90 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 Trinity Industries may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Over the past year, Trinity Industries has traded in a range of $14.94 to $31.80 and closed yesterday at $17.74, 19% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.7% while the 50-day MA has advanced 1.0%.

Trinity Industries (NYSE:TRN) has potential upside of 84.6% based on a current price of $17.74 and analysts' consensus price target of $32.75. Trinity Industries shares should first meet resistance at the 50-day moving average (MA) of $18.43 and find additional resistance at the 200-day MA of $23.20.

Trinity Industries, Inc. manufactures transportation, construction, and industrial products. The Company's products include tank and freight railcars, inland hopper and tank barges, highway guardrail and safety products, ready-mix concrete, and other products. Trinity also leases railcars and other products. The Company markets its products in the United States and internationally.

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

Keywords: bullish am inside day candle trinity industries

Ticker(s): TRN