TRONIX Medium-term Trend: Bullish
Supply zones: $0.0900, $0.1000, $0.1100
Demand zones: $0.0500, $0.0400, $0.0300
The bulls still dominate Tronix‘s medium-term outlook. The bullish run was a nice journey, as it was a retest of Jan 18th supply zone. The bears’ impact at the $0.1003 supply area is much expected and pushed the price to the $0. 08500 demand area. The pullback that is currently happening is necessary for the market correction. This will provide another opportunity for more buyers to take Tronix to a new supply area. The Stochastic Oscillator is in the oversold area, as more bullish candles formed and closed above the three moving average crossovers; a change in the signal of the stochastic will point upward, confirming the upward momentum.
TRONIX Short-term Trend: Ranging
Tronix is in a range in the short-term outlook. The pair is trading within the $0.1000-$0.0850.bracket. $0.0850 is a strong demand area as we see buying pressure in this area. As more buyers come back into the market, Tronix is likely to test the $0.0900 supply area. This will clear the way for a retest of the $0.1000 supply area. Traders should buy within the demand area as they trade within the range. This is because the overall outlook is bullish.
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