DLTR closes higher for the 7th day in a row
Dollar Tree Inc. (DLTR) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, DLTR ended the week 7.47% higher at 110.31 after gaining $1.65 (1.52%) today, notably outperforming the Nasdaq 100 (-0.42%). Today's close at 110.31 marks the highest recorded closing price since April 30th.
Daily Candlestick Chart (DLTR as at Jun 14, 2019):
Friday's trading range has been $2.16 (1.98%), that's slightly below the last trading month's daily average range of $2.27. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for DLTR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Wednesday, DLTR gained 0.56% on the following trading day.
Prices are trading close to the key technical resistance level at 111.53 (R1).
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 101.60.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 111.61, upside momentum could accelerate should the share be able to break out to new highs for the year. Further buying might move prices higher should the market test May's close-by high at 111.36.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "7 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Dollar Tree. Out of 7 times, DLTR closed higher 57.14% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.14% with an average market move of 1.55%.