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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Dover Corp (NYSE:DOV) based on the price action in the company's shares. Yesterday's price range of $113.31 and $114.35 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 Corp 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 Corp (NYSE:DOV) is currently priced 24.6% above its average consensus analyst price target of $86.16. The stock should find initial support at its 50-day moving average (MA) of $106.88 and further support at its 200-day MA of $98.23.

Over the past year, Dover Corp has traded in a range of $65.83 to $115.26 and closed yesterday at $114.26, 74% above that low. Over the past week, the 200-day moving average (MA) has gone up 0.3% while the 50-day MA has advanced 1.1%.

SmarTrend recommended that subscribers consider buying shares of Dover Corp on October 17th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $101.91. Since that recommendation, shares of Dover Corp have risen 11.0%. We continue to monitor DOV for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle dover corp

Ticker(s): DOV