Industrial products manufacturer Dover Corp. (DOV) recently returned to the Green Favored Zone of the SIA S&P 500 Index Report for the first time since March of 2020 and continues to climb up the rankings. Yesterday it finished in 75th place up 23 spots on the day and up 69 places in the last month.
Dover Corp. (DOV) staged a major breakout yesterday, blasting through the top of a $143 to $155 consolidation range which had been in place since April to a new all-time high. This move occurred on a spike in volume, indicating increased investor interest and the start of a new advance.
Measured moves from the previous range suggest potential resistance near $167 then $179 and $191 on trend. Initial support appears near the $155 breakout point.
Since bottoming out in March of 2020, Dover Corp. (DOV) shares have been under steady accumulation, advancing in a steady uptrend of higher lows and positive pattern completions. A high pole advance from March to June was followed by only a minor 3-box correction before resuming its primary upward course with a Double Top breakout.
Based on vertical and horizontal counts, next potential upside resistance on trend appears near $182.50, $193.65, and $205.50 along with the $200.00 round number. Initial support appears near $149.70, just below the $150.00 round number, based on a common 3-box reversal.
With a bullish SMAX score of 9, DOV is exhibiting strength against the asset classes.
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