The Greedy Trader Weekly Analysis
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Downtrend Broken Resistance

Downtrend Broken Resistance stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Downtrend broken resistance stock market alert is a trend trading warning signal. It is a confirmation that long term downtrend reversal is completed and a new uptrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of resistance line. This point is considered as a second chance to participate in downtrend reversal.

Downtrend Broken Resist.

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- 3/28/2024 -
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Dover Corp. (DOV) Technical Analysis

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Summary:
Weekly :Overbought sectorRelative Strength Index is overboughtWilliams' Percentage Range and Lane's Stochastic are strongly overboughtBroken trend resistance line
Daily :Williams' Percentage Range is strongly overboughtPrice is near the Fibonacci 23.6% retracement level
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It was a eleventh consecutive positive week for the Dover Corp. (DOV). During the week, the DOV climbed 0.78 points, or 0.44%, and closed at 177.19 on Thursday, March 28, 2024. DOV was trading at average weekly trading volume.

DOV is a member of Industrials Sector. Industrials is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.

Long-term trend: [See DOV long-term trend chart]
A long-term downtrend had started on January 7, 2022 at 184.00 and reached 114.49 on October 13, 2022. DOV lost 69.51 points, or 37.78%, in 39 weeks. The chart has formed a Symmetric Triangle chart pattern. The downtrend resistance line (132.20) is broken. Usually a broken resistance is considered to be a long-term bullish signal, but since daily indicators are overbought a short-term pull back is possible. DOV may retest the broken resistance line. It is considered to be a support line now. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See DOV medium-term trend chart]
A medium-term uptrend had started on October 31, 2023 at 127.25 and reached 178.28 on March 21, 2024. DOV gained -51.03 points, or -40.10%, in 20 weeks. Price is near the trend high.

Weekly Technical Indicators: [See DOV weekly technical indicators chart]
Weekly Relative Strength Index is overbought while Williams' Percentage Range and Lane's Stochastic are strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Relative Strength Index or strongly overbought weekly Williams' Percentage Range and Lane's Stochastic. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic, Relative Strength Index and Williams' Percentage Range help.

The weekly MACD line is above its signal line since December 1, 2023. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is near its high, but getting smaller. It indicates that the current medium-term uptrend is still strong, and momentum is beginning to wane. Use the following link to access a MACD help.

Short-term trend: [See DOV short-term trend chart]
A short-term uptrend had started on March 26, 2024 at 174.64 and reached 178.02 on March 28, 2024. DOV gained -3.38 points, or -1.94%, in 2 days. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Daily Technical Indicators: [See DOV daily technical indicators chart]
Daily Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with strongly overbought daily overbought Williams' Percentage Range.

The daily MACD line is below its signal line since March 21, 2024. The distance between MACD and the signal line is low, but getting bigger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 66.08
Williams' Percentage Range (W%R) 6.60
Strong Overbought
Lane's Stochastic (%D-Slow) 59.43
Greed/Fear Indicator (GFI) 72.97
Moving Average Converg./Diverg. (MACD) 4.05
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 82.26
Overbought
Williams' Percentage Range (W%R) 1.80
Strong Overbought
Lane's Stochastic (%D-Slow) 94.30
Strong Overbought
Greed/Fear Indicator (GFI) 86.24
Overbought
Moving Average Converg./Diverg. (MACD) 5.33
Trading Signals
Description Value Chart
Upper Bollinger Band 179.54
Price 177.19
Weekly Stochastic Crossing 176.58
Daily Stochastic Crossing 176.21
Parabolic System 174.33
20 Day Moving Average 173.71
Lower Bollinger Band 166.22
50 Day Moving Average 163.99
Sector and Industry
Description Name Rank
Sector Industrials 10
Industry Industrial Machinery 110
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 174.64
Low Date 03/26/2024
High 178.02
High Date 03/28/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 143.97
Low Date 01/17/2024
High 178.28
High Date 03/21/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 127.25
Low Date 10/31/2023
High 178.28
High Date 03/21/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 114.49
Low Date 10/13/2022
High 178.28
High Date 03/21/2024
Description Value
Direction Down
Chart Pattern Symmetric Triangle
Status Broken Resistance
Resistance 135.49
Support 132.20
High 184.00
High Date 01/07/2022
Low 114.49
Low Date 10/13/2022
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.