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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish 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 $89.86 and $90.56 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. Traders and investors interested in shares of Dollar Tree Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Dollar Tree, Inc. operates a discount variety store chain in the United States. The Company sells an assortment of everyday general merchandise. Dollar Tree offers kitchen and dinning, toys, books, crafts, cleaning, personal care, glasses, food carriers, gifts, and other household products.

Over the past year, Dollar Tree Inc has traded in a range of $81.02 to $118.10 and closed yesterday at $90.75, 12% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has declined 1.3%.

Potential upside of 22.7% exists for Dollar Tree Inc, based on a current level of $90.75 and analysts' average consensus price target of $111.33. Dollar Tree Inc shares should first meet resistance at the 50-day moving average (MA) of $98.16 and find additional resistance at the 200-day MA of $104.33.

SmarTrend recommended that its subscribers protect gains by selling shares of Dollar Tree Inc on October 30th, 2019 by issuing a Downtrend alert when the shares were trading at $111.74. Since that call, shares of Dollar Tree Inc have fallen 18.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle dollar tree inc

Ticker(s): DLTR