DOV breaks back above 100-day moving average
Dover Corporation (DOV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, DOV finished the month -0.71% lower at 96.56 after gaining $1.99 (2.1%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 95.09, the share confirmed its breakout through the prior session high after trading up to $2.20 above it intraday.
Daily Candlestick Chart (DOV as at Jun 30, 2020):
Tuesday's trading range has been $3.40 (3.61%), that's slightly above the last trading month's daily average range of $3.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for DOV.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 100-day moving average at 94.64 for the first time since June 18th. When this moving average was crossed above the last time on June 15th, DOV gained 1.10% on the following trading day.
Dover shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Dover. Out of 59 times, DOV closed higher 52.54% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 66.10% with an average market move of 1.34%.