Exploring DOVER CORP's Technical Signals and Breakout Potential.

A possible breakout setup was detected on DOVER CORP (NYSE:DOV) by our stockscreener. A breakout pattern is formed when a stock consolidates after a strong rise up. We note that this pattern is detected purely based on technical analysis and whether the breakout actually materializes remains to be seen. It could be interesting to keep an eye on NYSE:DOV.

Technical Analysis Observations

As part of its analysis, ChartMill provides a comprehensive Technical Rating for each stock. This rating, ranging from 0 to 10, is updated on a daily basis and is based on the evaluation of various technical indicators and properties.

Taking everything into account, DOV scores 8 out of 10 in our technical rating. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• When comparing the yearly performance of all stocks, we notice that DOV is one of the better performing stocks in the market, outperforming 83% of all stocks. On top of that, DOV also shows a nice and consistent pattern of rising prices.
• DOV is one of the better performing stocks in the Machinery industry, it outperforms 80% of 130 stocks in the same industry.
• DOV is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so DOV is lagging the market slightly.
• In the last month DOV has a been trading in the 174.88 - 188.64 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Our latest full technical report of DOV contains the most current technical analsysis.

How does the Setup look for NYSE:DOV

ChartMill incorporates a Setup Rating in its analysis, which measures the extent of consolidation in a stock over recent days and weeks. This rating, ranging from 0 to 10, is updated daily and takes into account multiple short-term technical indicators. The current setup rating for NYSE:DOV is 9:

Besides having an excellent technical rating, DOV also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 185.56. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 181.36, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:DOV?

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

More breakout setups can be found in our Breakout screener.

Disclaimer

This is not investing advice! The article highlights some of the observations at the time of writing, but you should always make your own analysis and invest based on your own insights.