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Possible Bearish Inside Day Candle Pattern Detected for Dover Corp (NYSE:DOV)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Dover Corp (NYSE:DOV) based on the price action in the company's shares. Yesterday's price range of $100.88 and $102.59 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Dover Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Dover Corporation manufactures a variety of specialized industrial products and manufacturing equipment. The Company's products include material handling equipment, refuse truck bodies, tank trailers, refrigeration systems, refrigeration display cases, marking and coding systems, sucker rods, drill bit inserts, nozzles, swivels and breakaways, and electronic technology equipment.

There is potential upside of 11.1% for shares of Dover Corp based on a current price of $101.50 and an average consensus analyst price target of $112.76. The stock should discover initial support at its 50-day moving average (MA) of $64.33 and subsequent support at its 200-day MA of $61.90.

In the past 52 weeks, Dover Corp share prices have been bracketed by a low of $63.93 and a high of $109.06 and closed yesterday at $101.50, 59% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend is monitoring the recent change of momentum in Dover Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Dover Corp in search of a potential trend change.

Keywords: bearish am inside day candle dover corp

Ticker(s): DOV