TRONIX Medium-term Trend: Ranging
Supply zones: $0.1000, $0.1100, $0.1200
Demand zones: $0.0500, $0.0400, $0.0300
Tronix is consolidating in the medium-term. The bullish momentum gradually weakened yesterday as the bulls have no power to drive past the $0.9322 supply area. This brought the market to the current ranging situation. Price is seen along a horizontal path on the three exponential moving averages.
This is a clear consolidation scenario, no definite market direction. Daily opening price was $0.09123 as against yesterday open of $0.09055. This indicates that some bullish moves may likely be seen in the pair. Traders should patiently wait for a breakout from the upper range or a breakdown from the lower range before taking any position in the medium-term.
TRONIX Short-term Trend: Ranging
Tronix is ranging in the short-term. The bulls failure to break past the $0.0920 supply zone sets in the bear whose momentum was not strong enough to break below the $0.0885 demand zone. Tronix is trading within $0.09182 -$0.08893 price range. Traders should trade cautiously within the range adopting best range strategy to take a small profit.
A breakout from the upper range and a retest of the supply area will lead tronix back up to the $0.1000 supply zone while a breakdown below the lower range and a retest of the same area will take tronix back down to $0.0700 demand zone.
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