DLTR closes above its opening price after recovering from early selling pressure
Dollar Tree Inc. (DLTR) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
DLTR finished the week 2.83% higher at 84.57 after gaining $0.16 (0.19%) today. Trading up to $0.70 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (DLTR as at Sep 14, 2018):
Friday's trading range was $1.30 (1.54%), that's slightly below last trading month's daily average range of $2.11. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
After trading as low as 83.57 during the day, the stock bounced off the key support level at 83.73. The failure to close below the support could increase that levels importance as support going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the close-by swing high at 85.27 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 83.39 where further sell stops could get activated.