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Possible Bullish Inside Day Candle Pattern Detected for Tronox Ltd-Cl A (NYSE:TROX)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Tronox Ltd-Cl A (NYSE:TROX) based on the price action in the company's shares. Yesterday's price range of $11.69 and $12.13 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 Tronox Ltd-Cl A 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, Tronox Ltd-Cl A share prices have been bracketed by a low of $6.46 and a high of $21.04 and closed yesterday at $11.98, 85% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has declined 1.9%.

Tronox Limited operates mining and inorganic chemical businesses. The Company mines and processes titanium ore, zircon, and other minerals, as well as manufactures titanium dioxide pigments. Tronox mines trona ore and manufactures natural soda ash, sodium bicarbonate, caustic soda, and other compounds which are used in the production of household products.

Potential upside of 121.2% exists for Tronox Ltd-Cl A, based on a current level of $11.98 and analysts' average consensus price target of $26.50. The stock should find initial support at its 50-day moving average (MA) of $11.40 and further support at its 200-day MA of $11.21.

SmarTrend recommended that subscribers consider buying shares of Tronox Ltd-Cl A on June 26th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $11.55. Since that recommendation, shares of Tronox Ltd-Cl A have risen 3.8%. We continue to monitor TROX for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle tronox ltd-cl a

Ticker(s): TROX