Possible Bullish Inside Day Candle Pattern Detected for Trinity Industries (NYSE:TRN)
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. Today's price range of $17.52 and $17.90 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 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.
Trinity Industries has overhead space with shares priced $17.76, or 45.8% below the average consensus analyst price target of $32.75. The stock should run into initial resistance at its 50-day moving average (MA) of $18.43 and subsequent resistance at its 200-day MA of $23.20.
Over the past year, Trinity Industries has traded in a range of $14.94 to $31.80 and is now at $17.76, 19% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.0% while the 200-day MA has slid 0.7%.
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 inside day candle trinity industries