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

By James Quinn

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. Today's price range of $79.60 and $80.19 is within yesterday'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.

Potential upside of 7.9% exists for Dover Corp, based on a current level of $79.89 and analysts' average consensus price target of $86.16. Dover Corp shares should first meet resistance at the 50-day moving average (MA) of $91.48 and find additional resistance at the 200-day MA of $94.68.

Over the past year, Dover Corp has traded in a range of $75.74 to $109.06 and is now at $79.89, 5% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 1.8%.

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 $97.55. Since that call, shares of Dover Corp have fallen 17.8%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle dover corp

Ticker(s): DOV