TRONIX Medium-term Trend: Ranging
Supply zones: $0.09000, $0.1000, $0.1100
Demand zones: $0.0500, $0.0400, $0.0300
Tronix is consolidating in the medium-term. The bearish momentum that pushed the price to the $0.06300 demand area after breaking two demand zones gradually weakened. This resulted in a double bottom formation in this area and set the bulls back into the market. $0.07115 was the supply area the bulls were able to push price to as they encounter further upward rejection in the area. You can see a nice bearish railway track at this supply area and subsequent bears pressure that saw the price down below the moving averages crossover. The daily price opened at $0.07006, against yesterday's $0.06678. which indicates that the buyers are gradually coming back and we may see some upside move. The stochastic oscillator is leaving the overbought region and its signal is pointing down, suggesting a downward price movement. Tronix is currently ranging between the upper supply zone at $0.07500 and the lower demand zone at $0.0600.
TRONIX Short-term Trend: Ranging
Tronix returns to the range in the short-term. The bears' momentum that pushed the price down to the $0.06300 demand area was lost after attempts for a further down move were rejected. The bulls managed to push the price to the $0.07300 supply area twice. A nice double top formation at the supply area brought the bears back and pushed the price down. $0.07200 is the upper supply zone of the range while $0.064 is the lower demand zone of the range. Patience will be a good trading strategy to adopt in this scenarios, to allow for a breakout from the upper range or breakdown at the lower range before taking a position.
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