Dollar General (DG) - Get Report is pushing further into new all-time-high territory as it adds another 2% to Thursday's powerful 4.6% surge. Today's earnings-inspired ramp is putting some distance on heavy resistance near the March and April highs.

With layers of support now in place and shares well below overbought levels, DG is set up well for more upside.

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Shortly after DG's huge earnings-inspired breakout back on March 10, the stock began to consolidate. The stock had extended its gain off the January low to nearly 30% by the time it stalled three days after its March 10 report. This giant move drove shares to an extremely overbought reading. It was clear a healthy pullback and consolidation was needed before the bull run could continue.

Through all of April and well into May, DG rested in a fairly narrow range as the overbought moving average convergence/divergence reading was completely worked off. As this week's earnings report approached, the stock firmed up nicely after confirming the $80 area as a major support zone. After yesterday's ramp and this morning's continuation, the eight-week consolidation has given way to a fresh bull leg.

In the near term, it is likely DG will become overextended and will be in need of a pullback. At midday the stock is now up nearly 14% from last week's low. This is quite an outsized move in such a short time frame. Despite shares sitting well below an overbought reading, a bit of back-and-fill action remains likely. For patient investors, a light-volume fade back down to key support near the $88-to-$87 area would offer a low-risk buying opportunity. This zone includes both the April and March highs.

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