The shares of Dow (DOW) are up 11% so far in 2023, with a floor at the $55.50 level containing several pullbacks since January. While the $61 region stifled the equity’s February rally attempt, it looks as though it might break out again soon, as it nears a historically bullish trendline.
A shift in analyst sentiment could create additional tailwinds that help Dow stock topple that aforementioned technical ceiling. Of the 17 firms in coverage, 16 call the equity a tepid “hold” or worse, while only one says “strong buy.”
Now appears to be a good time to weigh in on the security’s next move with options, as premiums are attractively priced. This is per DOW’s Schaeffer’s Volatility Index (SVI) of 27%, which ranks at the low 16th percentile of readings from the last 12 months.