For today's chart we've chosen to take a look at Dover Corp. (NYSE:DOV) because it is nearing an interesting level of resistance. As you can see from the chart below, the $44 mark has prevented a move higher in the past and many traders are curious to see if this level will act as a barrier again. We expect that the bulls will wait for a close above the thick horizontal trendline and use it to signal a break toward the next level of resistance, which is currently shown by the dotted trendline near $47.50.
Technically speaking, there is little reason to bet on a move higher quite yet. It is important to be aware of the overhead resistance. Traders will only look for a move toward the dotted trendline once the short-term barrier near $44 is taken out.