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

By Nick Russo

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 $32.09 and $32.75 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.

Over the past year, Devon Energy Co has traded in a range of $28.79 to $50.69 and closed yesterday at $32.29, 12% above that low. The 200-day and 50-day moving averages have moved 1.15% lower and 3.91% higher over the past week, respectively.

Potential upside of 51.6% exists for Devon Energy Co, based on a current level of $32.29 and analysts' average consensus price target of $48.96. Devon Energy Co shares should encounter resistance at the 200-day moving average (MA) of $35.32 and support at the 50-day MA of $27.95.

Devon Energy Corporation is 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.

SmarTrend recommended that its subscribers protect gains by selling shares of Devon Energy Co on February 2nd, 2018 by issuing a Downtrend alert when the shares were trading at $40.85. Since that call, shares of Devon Energy Co have fallen 19.4%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle devon energy co

Ticker(s): DVN