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

By Amy Schwartz

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 $94.22 and $94.89 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 Corp share prices have moved between a 52-week high of $109.06 and a 52-week low of $63.93 and closed yesterday at 48% above that low price at $94.30 per share. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

There is potential upside of 19.6% for shares of Dover Corp based on a current price of $94.30 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.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Dover Corp on March 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $97.54. Since that call, shares of Dover Corp have fallen 3.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle dover corp

Ticker(s): DOV