TRONIX Medium-term Trend: Bullish
Supply zones: $0.1000, $0.1100, $0.1200
Demand zones: $0.0500, $0.0400, $0.0300
The bulls are still in control of Tronix in the medium-term. The daily candle opened in a bullish trend around the exponential moving averages, which is the buyers’ area. Hence the push in price to the supply area at $0.09322. More bullish candles are formed and closed above the three exponential moving averages. This implies more buyers are getting back into the market. Minor pullbacks are expected at the supply area. This is a market correction for an upward trend continuation. The momentum to the upside is strong as the stochastic oscillator is above the 50% level and pointing up. This simply means more buying is imminent.
TRONIX Short-term Trend: Bullish
Tronix looks bullish in the short-term. Yesterday’s analysis that more buying is sensible within the ranging market really paid off. The bulls pushed the price far away from the $0.0850 demand zone up to the $0.0930 supply area. The bears’ impact at the supply area was minor as we can see that the $0.0890 demand area was a strong support rejecting further bear pressure. A breakout to the upside is likely after the brief current consoilidation. As long as this demand area holds, a bullish comeback it is more likely. The stochastic oscillator is pointing up indicating a strong momentum to the upside. Traders should wait for more bullish candles, closing above the three exponential moving averages before riding first to the $0.09500 supply area and later to the $0.1000.area.
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