TRONIX Medium-term Trend: Bearish
Supply zones: $0.09000, $0.1000, $0.1100
Demand zones: $0.0500, $0.0400, $0.0300
Bearish trend to continue in the medium-term for Tronix. The bears’ pressure was briefly overtaken by the bulls at the $0.08000 critical demand area. The bulls came in and took the price up to $0.08596. The downward trendline was likewise broken by the bullish upward momentum and also retested it. This is very significant. The bears’ dominance is tested as the bulls seek to take control of the market. The Stochastic oscillator is a sellers’ arena with the signal pointing down. It therefore implies that more bearish impact will be seen in the market. The daily opening price was $0.08224 against yesterday open of $0.08444, thus more selling pressure.
TRONIX Short-term Trend: Ranging
Tronix continues to range in the short-term. The bears’ pressure seems to gradually fade away after breaking past the $0.08000 critical demand area. The bulls came in and drove the price up to the $0.08600 supply zone. Typical of a ranging market is the bears and bulls struggling for market control. Buying at the demand area is recommended as this is preferred above selling at supply area within the range. Traders may buy when candles form and close above the three exponential moving averages crossover and ride to the upper range.
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