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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 $91.20 and $91.36 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 share prices have moved between a 52-week high of $118.10 and a 52-week low of $81.02 and closed yesterday at 12% above that low price at $90.69 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.9%.

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.

Potential upside of 22.8% exists for Dollar Tree Inc, based on a current level of $90.69 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 $96.42 and find additional resistance at the 200-day MA of $104.05.

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 18.1%. 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