DOV closes above its opening price after recovering from early selling pressure

Dover Corp. (DOV) Technical Analysis Report for Sep 14, 2018

Highlights

DOV closes above its opening price after recovering from early selling pressure
DOV closes higher for the 5th day in a row
DOV ends the day on a bullish note closing near the high of the day
DOV finds buyers again around 87.59
DOV rises to highest close since Inception

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, DOV finished the week 4.41% higher at 88.48 after gaining $0.48 (0.55%) today. Today's closing price of 88.48 marks the highest close since Inception. Trading up to $0.38 lower after the open, Dover Corp. managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for DOV

Volatility

Friday's trading range was $1.08 (1.23%), that's slightly below last trading month's daily average range of $1.21. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 86.82 and 88.71 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

After having been unable to move lower than 87.58 in the prior session, the stock found buyers again around the same price level today at 87.59.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the nearby swing high at 88.71 where further buy stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Dover Corp.

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Latest Report:

DOV closes within previous day's range

Sep 18, 2018
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