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

By Nick Russo

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. Yesterday's price range of $93.61 and $94.41 is within the prior day'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 has overhead space with shares priced $94.23, or 15.4% below the average consensus analyst price target of $111.33. Dollar Tree Inc shares should encounter resistance at the 200-day moving average (MA) of $97.38 and support at the 50-day MA of $87.53.

In the past 52 weeks, Dollar Tree Inc share prices have been bracketed by a low of $65.63 and a high of $116.65 and closed yesterday at $94.23, 44% above that low price. The 200-day and 50-day moving averages have moved 0.02% higher and 0.84% higher over the past week, respectively.

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.

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 am inside day candle dollar tree inc

Ticker(s): DLTR