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Possible Bearish Inside Day Candle Pattern Detected for Devon Energy Co (NYSE:DVN)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Devon Energy Co (NYSE:DVN) based on the price action in the company's shares. Yesterday's price range of $30.24 and $30.24 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Devon Energy Co may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Devon Energy Co share prices have been bracketed by a low of $20.37 and a high of $46.54 and closed yesterday at $30.24, 48% above that low price. The 200-day and 50-day moving averages have moved 0.49% lower and 1.40% higher over the past week, respectively.

Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States and Canada.

Potential upside of 57.7% exists for Devon Energy Co, based on a current level of $30.24 and analysts' average consensus price target of $47.69. The stock should hit resistance at its 200-day moving average (MA) of $34.75, as well as support at its 50-day MA of $27.65.

SmarTrend is tracking the current trend status for Devon Energy Co and will alert subscribers who have DVN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle devon energy co

Ticker(s): DVN