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

By James Quinn

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 $99.92 and $99.92 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.

Over the past year, Dollar Tree Inc has traded in a range of $78.78 to $116.65 and is now at $99.92, 27% above that low. The 200-day and 50-day moving averages have moved 0.04% higher and 0.74% higher over the past week, respectively.

Potential upside of 11.4% exists for Dollar Tree Inc, based on a current level of $99.92 and analysts' average consensus price target of $111.33. The stock should discover initial support at its 50-day moving average (MA) of $95.41 and subsequent support at its 200-day MA of $88.64.

SmarTrend recommended that subscribers consider buying shares of Dollar Tree Inc on January 7th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $97.42. Since that recommendation, shares of Dollar Tree Inc have risen 3.0%. We continue to monitor DLTR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle dollar tree inc

Ticker(s): DLTR