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Possible Bearish Inside Day Candle Pattern Detected for Dollar Tree Inc (NASDAQ:DLTR)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dollar Tree Inc (NASDAQ:DLTR) based on the price action in the company's shares. Today's price range of $93.61 and $94.38 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Dollar Tree Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 18.8% exists for Dollar Tree Inc, based on a current level of $93.69 and analysts' average consensus price target of $111.33. Dollar Tree Inc shares should encounter resistance at the 200-day moving average (MA) of $97.37 and support at the 50-day MA of $87.31.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise at the $1.00 price point.

Dollar Tree Inc share prices have moved between a 52-week high of $116.65 and a 52-week low of $65.63 and are now trading 43% above that low price at $93.69 per share. The 200-day and 50-day moving averages have moved 0.02% higher and 0.80% higher over the past week, respectively.

SmarTrend recommended that its subscribers protect gains by selling shares of Dollar Tree Inc on February 5th, 2018 by issuing a Downtrend alert when the shares were trading at $107.84. Since that call, shares of Dollar Tree Inc have fallen 12.3%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle dollar tree inc

Ticker(s): DLTR