Downside in Dollar General?
Dollar General fell sharply in 2023. Now, after a period of consolidation, some traders may see further downside.
The first pattern on today’s chart is the large bearish engulfing candle on March 14, which occurred despite results beating estimates. The discount retailer stalled below that session’s high in April. This month, it stalled near the low. Has old support below new resistance?
Second, the 200-day simple moving average (SMA) potentially marks a long-term downtrend by steadily falling across the chart. Prices are also stalling below the 50-day SMA and are back under the 21-day exponential moving average (EMA). That may reflect weakness over the long, intermediate and short terms.
Third, stochastics are dipping from near an overbought condition.
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Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
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The first pattern on today’s chart is the large bearish engulfing candle on March 14, which occurred despite results beating estimates. The discount retailer stalled below that session’s high in April. This month, it stalled near the low. Has old support below new resistance?
Second, the 200-day simple moving average (SMA) potentially marks a long-term downtrend by steadily falling across the chart. Prices are also stalling below the 50-day SMA and are back under the 21-day exponential moving average (EMA). That may reflect weakness over the long, intermediate and short terms.
Third, stochastics are dipping from near an overbought condition.
TradeStation has, for decades, advanced the trading industry, providing access to stocks, options and futures. See our Overview for more.
Past performance, whether actual or indicated by historical tests of strategies, is no guarantee of future performance or success. There is a possibility that you may sustain a loss equal to or greater than your entire investment regardless of which asset class you trade (equities, options or futures); therefore, you should not invest or risk money that you cannot afford to lose. Online trading is not suitable for all investors. View the document titled Characteristics and Risks of Standardized Options at https://www.TradeStation.com/DisclosureOptions. Before trading any asset class, customers must read the relevant risk disclosure statements on https://www.TradeStation.com/Important-Information/. System access and trade placement and execution may be delayed or fail due to market volatility and volume, quote delays, system and software errors, Internet traffic, outages and other factors.
Securities and futures trading is offered to self-directed customers by TradeStation Securities, Inc., a broker-dealer registered with the Securities and Exchange Commission and a futures commission merchant licensed with the Commodity Futures Trading Commission). TradeStation Securities is a member of the Financial Industry Regulatory Authority, the National Futures Association, and a number of exchanges.
TradeStation Securities, Inc. and TradeStation Technologies, Inc. are each wholly owned subsidiaries of TradeStation Group, Inc., both operating, and providing products and services, under the TradeStation brand and trademark. When applying for, or purchasing, accounts, subscriptions, products and services, it is important that you know which company you will be dealing with. Visit [url =tradestation.com/DisclosureTSCompanies] TradeStation.com/DisclosureTSCompanies for further important information explaining what this means.
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