Is DG Gonna Make it Rain Dollars 💲💲💲? | DOLLAR GENERAL ($DG)💸 The only thing that looks better than Dollar General's earnings outlook is its chart. This one is easy to be bullish on, especially with people getting back out to shop during the initial reopenings. That said, if there was any reservation here it would be that there has been some FUD recently around Dollar General not paying workers enough. Although the bad news is pretty bad and should be taken seriously, there is still room to look for a long setup here.
Resource: www.earningswhispers.com + www.nbcnews.com
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1. Fractal Trend is showing an uptrend (Aqua bar color) on the 1 hour timeframe. This is indicative of the long term bullish trend for DG (especially post-COVID).
2. With this strategy, we are looking for long setups in an uptrend and as such want to enter long on retests of bullish order blocks plotted by Orderblock Mapping (Aqua line color) and/or bullish S/R levels plotted by Directional Bias (Aqua line color).
3. Right now we are looking for a long entry off the S1 bullish S/R flip which we expect to act as support.
4. Our stoploss is placed just below the bullish orderblock below that level and its logic is explained on chart.
5. Our target is R1 range highs which gives us a solid 3 R:R.
6. If S1 doesn't hold for whatever reason, S2 is the next best hope for bulls, while S3 is technically support but will only be reached if the current uptrend is compromised.
Good luck traders!
