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Possible Bullish Inside Day Candle Pattern Detected for Dollar General (NYSE:DG)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dollar General (NYSE:DG) based on the price action in the company's shares. Today's price range of $74.28 and $75.21 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. Traders and investors interested in shares of Dollar General may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

There is potential upside of 7.5% for shares of Dollar General based on a current price of $74.54 and an average consensus analyst price target of $80.15. Dollar General shares should encounter resistance at the 50-day moving average (MA) of $82.06 and support at its 200-day MA of $74.05.

Dollar General Corp. operates a chain of discount retail stores located primarily in the southern, southwestern, midwestern and eastern United States. The Company offer a broad selection of merchandise, including consumable products such as food, paper and cleaning products, health and beauty products and pet supplies, and non-consumable products such as seasonal merchandise.

Over the past year, Dollar General has traded in a range of $59.75 to $96.88 and is now at $74.54, 25% above that low. The 200-day and 50-day moving averages have moved 0.07% higher and 0.94% higher over the past week, respectively.

SmarTrend is monitoring the recent change of momentum in Dollar General. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Dollar General in search of a potential trend change.

Keywords: bullish inside day candle Dollar General

Ticker(s): DG