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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dover (NYSE:DOV) based on the price action in the company's shares. Yesterday's price range of $64.13 and $65.06 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. Traders and investors interested in shares of Dover may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

Dover share prices have moved between a 52-week high of $78.21 and a 52-week low of $50.91 and closed yesterday at 27% above that low price at $64.65 per share. The 200-day and 50-day moving averages have moved 0.05% lower and 0.47% higher over the past week, respectively.

Dover (NYSE:DOV) has potential upside of 2.1% based on a current price of $64.65 and analysts' consensus price target of $66.00. 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.

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

Keywords: bullish am inside day candle dover

Ticker(s): DOV