DOV closes above its opening price after recovering from early selling pressure
Dover Corporation (DOV) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (DOV as at Sep 14, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 88.71 where further buy stops could get activated.