Downside in Dollar General?

BATS:DG   Dollar General Corporation
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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