Dollar Tree

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Dollar Tree ( DLTR) is an operator of discount variety stores offering merchandise at the fixed price. This stock is trading up 3.4% at $47.39 in recent trading.

Today's Volume: 2.2 million

Average Volume: 2.3 million

Volume % Change: 63%

Shares of DLTR are trading to the upside here after Wells Fargo upgraded the stock from market perform to outperform.

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From a technical perspective, DLTR is bouncing higher here right off some near-term support at $45.76 with decent volume. This move is quickly pushing DLTR within range of triggering a near-term breakout trade. That trade will hit once DLTR manages to take out its 200-day at $48.21 and its 50-day at $48.59, and then once it clears more overhead resistance at $49.57 with high volume.

Traders should now look for long-biased trades in DLTR once it sustains a move or close above those breakout levels with volume that hits near or above 2.3 million shares. If that breakout triggers soon, then look for DLTR to re-test or possibly take out its next major overhead resistance level at $53.

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