TRONIX Medium-term Trend: Bearish
Supply zones: $0.09000, $0.1000, $0.1100
Demand zones: $0.0500, $0.0400, $0.0300
Tronix is bearish in the medium-term. The bulls lost control to the bears after they failed to push price up from the lower demand range. Daily candle opened bearish below the three exponential moving averages crossover, which means strong bears pressures present. The exponential moving averages are fanned apart, which connote strength in the context of the trend and in this case the downtrend.
Furthermore, the daily opening price was $0.08656 which is lower than yesterday opening of $0.09123.This confirms more sellers are in the market. Stochastic oscillator is within the sellers’ region pointing downward meaning strong momentum to the south. As more candles formed and closed below the three exponential moving averages crossover tronix may likely set for a retest of the $0.0800 critical demand zone.
TRONIX Short-term Trend: Bearish
Tronix returns bearish in the short-term. The bears took over after the bulls’ failure to push price up from the demand area of yesterday lower ranging market. Breakdown from the $0.08893 by the bears’ impact pushed price further down to $0.08300 demand area. Price is in a nice downtrend as seen from the chart above.
Repeated strong bears pressure especially at critical areas; $0.0900, $0.0880 and $0.0860 resulted in a bounce further down. Price is below the exponential moving averages crossover which means strength in the context of the trend and in this case, a downtrend.
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