DG Descending channel breakout continuation
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DG (DOLLAR GENERAL) PRICE RECAP:
DG has been on a selling spree since reaching its all time highs at 262.21. Along the way down, DG’s price began to trade into a channel where it finally broken out of following a bounce from the major support at 102.07 - 106.00. This area hadn’t been reached since December 2018, completing a 61.8% price retracement.
Additionally, there were 2 large GAPS created on the way down at 179.15 - 200.67 and 139.44 - 154.58.
After breaking out of the descending channel on the daily timeframe, price made a move towards the first GAP but rejected right at the GAP’s low. This rejection caused price to make a push down towards the previous intermediate support level. Price broke below this support then bounced off of the new uptrend support to reclaim the level and is now retesting this support again.
I am now watching for DG to continue its move upward to retry filling the GAP above at 139.44 - 154.58.
NOTE: The highs of this GAP is also a previous major support/resistance level. Also notice how the Jeanius Indicator gave buy confluence signals at the major support bounce area as well as the first swing low in the new uptrend where price seemed to have consolidated.
TRADE IDEA:
I plan to swing calls from here with a tight stop below the previous swing low, first targeting the low of the GAP above then ultimately the high of the GAP. In conjunction with the major downtrend resistance area.
ADDITIONAL CONFLUENCES:
- 61.8 % fib retraced
- Bullish Engulfing at fib bounce level
- Rising Volume
- Monthly Pivot
- Stock curling up reclaiming halfway
- MACD showing sell weakness
- RSI oversold bounce
- Bolli Band reclaim
- VRVP (Visible Range Volume Profile) bounce from POC (point control) … Displaying next available POC at 164.58.
- Bouncing from CHOCH (Change of character point)
DG has been on a selling spree since reaching its all time highs at 262.21. Along the way down, DG’s price began to trade into a channel where it finally broken out of following a bounce from the major support at 102.07 - 106.00. This area hadn’t been reached since December 2018, completing a 61.8% price retracement.
Additionally, there were 2 large GAPS created on the way down at 179.15 - 200.67 and 139.44 - 154.58.
After breaking out of the descending channel on the daily timeframe, price made a move towards the first GAP but rejected right at the GAP’s low. This rejection caused price to make a push down towards the previous intermediate support level. Price broke below this support then bounced off of the new uptrend support to reclaim the level and is now retesting this support again.
I am now watching for DG to continue its move upward to retry filling the GAP above at 139.44 - 154.58.
NOTE: The highs of this GAP is also a previous major support/resistance level. Also notice how the Jeanius Indicator gave buy confluence signals at the major support bounce area as well as the first swing low in the new uptrend where price seemed to have consolidated.
TRADE IDEA:
I plan to swing calls from here with a tight stop below the previous swing low, first targeting the low of the GAP above then ultimately the high of the GAP. In conjunction with the major downtrend resistance area.
ADDITIONAL CONFLUENCES:
- 61.8 % fib retraced
- Bullish Engulfing at fib bounce level
- Rising Volume
- Monthly Pivot
- Stock curling up reclaiming halfway
- MACD showing sell weakness
- RSI oversold bounce
- Bolli Band reclaim
- VRVP (Visible Range Volume Profile) bounce from POC (point control) … Displaying next available POC at 164.58.
- Bouncing from CHOCH (Change of character point)
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GAP Reached...
Dennis Butler Jr.
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