Long Dollar tree

22 0
Hey guys, these are my thoughts on Dollar tree: So as you can see there is HUGE support line that goes from february 12 last year to today so this is a very long support line and since then the stock never broke trough that line. That tells me that this support line is very strong. Since the beginning of that support, the stock touched the support line 5 times and each time it happened , the stock bounced for a nice uptrend move and this is what im expecting tomorow also. The support line is great but i also like the formation of the candles. Today, the stock did not move much and the candle was a little candle and in my book that shows that people are indecisive. Indecision in the stock market often creates a change of direction in the trend. The stock moved down 3 days in a row,then the stock slow down, make a little indecision candle (type of harami) at a huge support line so my thougts are that the stock will reverse for a upside move. Not only the candle is an harami, but also we can say that with the candle of yesterday and with the candle of today , we can tell it is a nice bullish harami pattern. This pattern means that people are indecisive and uncertain about the downside move and the power of the prior move has now diminished
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