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

By David Diaz

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 $25.93 and $26.12 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.

Devon Energy Corporation operates as an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil, and NGLs.

Devon Energy Co (NYSE:DVN) has potential upside of 81.7% based on a current price of $26.24 and analysts' consensus price target of $47.69. The stock should discover initial support at its 200-day moving average (MA) of $25.74 and subsequent support at its 50-day MA of $23.72.

Devon Energy Co share prices have moved between a 52-week high of $35.39 and a 52-week low of $19.72 and closed yesterday at 33% above that low price at $26.24 per share. In the last five trading sessions, the 50-day moving average (MA) has climbed 1.2% while the 200-day MA has slid 0.4%.

SmarTrend recommended that subscribers consider buying shares of Devon Energy Co on November 5th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $23.15. Since that recommendation, shares of Devon Energy Co have risen 13.3%. We continue to monitor DVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle devon energy co

Ticker(s): DVN