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

By James Quinn

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 $65.21 and $66.22 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.

Over the past year, Dover has traded in a range of $50.91 to $78.21 and closed yesterday at $66.21, 30% above that low. The 200-day and 50-day moving averages have moved 0.05% lower and 0.47% higher over the past week, respectively.

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 (NYSE:DOV) is currently priced 0.3% above its average consensus analyst price target of $66.00. Dover shares have support at the 50-day moving average (MA) of $64.33 and additional support at the 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