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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dollar Tree (NASDAQ:DLTR) based on the price action in the company's shares. Today's price range of $75.47 and $77.09 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 Tree may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Potential upside of 18.4% exists for Dollar Tree, based on a current level of $76.20 and analysts' average consensus price target of $90.20. Dollar Tree shares should encounter resistance at the 50-day moving average (MA) of $80.51 and support at its 200-day MA of $74.94.

Dollar Tree, Inc. operates a discount variety store chain. The Company sells an assortment of everyday general merchandise. Dollar Tree sells its merchandise at the $1.00 price point. The Company operates throughout the United States.

In the past 52 weeks, shares of Dollar Tree have traded between a low of $60.31 and a high of $99.93 and are now at $76.20, which is 26% above that low price. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has remained constant.

SmarTrend recommended that its subscribers protect gains by selling shares of Dollar Tree on May 17th, 2017 by issuing a Downtrend alert when the shares were trading at $78.63. Since that call, shares of Dollar Tree have fallen 4.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Dollar Tree

Ticker(s): DLTR