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

By Shiri Gupta

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 $34.45 and $35.14 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.

Potential upside of 37.8% exists for Devon Energy Co, based on a current level of $34.60 and analysts' average consensus price target of $47.69. Devon Energy Co shares have support at the 200-day moving average (MA) of $33.53 and additional support at the 50-day MA of $30.34.

In the past 52 weeks, shares of Devon Energy Co have traded between a low of $20.37 and a high of $46.54 and closed yesterday at $34.60, which is 70% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.3%.

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.

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