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

By David Diaz

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 $92.50 and $93.04 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.

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 (NASDAQ:DLTR) has potential upside of 19.8% based on a current price of $92.96 and analysts' consensus price target of $111.33. Dollar Tree Inc shares should first meet resistance at the 200-day moving average (MA) of $98.39 and find additional resistance at the 50-day MA of $105.40.

Over the past year, Dollar Tree Inc has traded in a range of $78.78 to $113.38 and is now at $92.96, 18% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.5%.

SmarTrend recommended that its subscribers protect gains by selling shares of Dollar Tree Inc on July 23rd, 2019 by issuing a Downtrend alert when the shares were trading at $106.04. Since that call, shares of Dollar Tree Inc have fallen 10.8%. 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