Evaluation of Dover Corporation stock downgraded after the last trading session.
(Updated on Dec 08, 2023)
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The stock lies the upper part of a wide and falling trend in the short term, and this may normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break up at the top trend line at $143.64 will firstly indicate a slower falling rate, but may be the first sign of a trend shift. Given the current short-term trend, the stock is expected to fall -2.15% during the next 3 months and, with a 90% probability hold a price between $124.24 and $140.55 at the end of this 3-month period. Do note, that if the stock price manages to stay at current levels or higher, our prediction target will start to change positively over the next few days as the conditions for the current predictions will be broken.
DOV Signals & Forecast
The Dover Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $142.81 and $135.93. A breakdown below any of these levels will issue sell signals. Some negative signals were issued as well, and these may have some influence on the near short-term development. A sell signal was issued from a pivot top point on Thursday, December 07, 2023, and so far it has fallen -0.0487%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
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Support, Risk & Stop-loss for Dover Corporation stock
Dover Corporation finds support from accumulated volume at $140.22 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $1.81 between high and low, or 1.26%. For the last week, the stock has had daily average volatility of 1.37%.
The Dover Corporation stock is overbought on RSI14 and lies in the upper part of the trend. Normally this may pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.
Our recommended stop-loss: $138.62 (-3.48%) (This stock has medium daily movements and this gives medium risk. The RSI14 is 77 and this increases the risk substantially. There is a sell signal from a pivot top found 1 day ago.)
Trading Expectations (DOV) For The Upcoming Trading Day Of Monday 11th
For the upcoming trading day on Monday, 11th we expect Dover Corporation to open at $144.01, and during the day (based on 14 day Average True Range), to move between $141.23 and $146.01, which gives a possible trading interval of +/-$2.39 (+/-1.67%) up or down from last closing price. If Dover Corporation takes out the full calculated possible swing range there will be an estimated 3.33% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $143.69 (0.05%) than the support at $140.22 (2.37%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is Dover Corporation stock A Buy?
Dover Corporation holds several positive signals, but we still don't find these to be enough for a buy candidate. At the current level, it should be considered as a hold candidate (hold or accumulate) in this position whilst awaiting further development. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Hold/Accumulate candidate.
Current score: -0.122 Open Broker AccountHold/Accumulate Downgraded
Predicted Opening Price for Dover Corporation of Monday, December 11, 2023
The predicted opening price is based on yesterday's movements between high, low, and closing price.
|Fair opening price December 11, 2023||Current price|
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Fibonacci Support & Resistance Levels
Accumulated Volume Support & Resistance Levels
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