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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish 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 $21.66 and $21.95 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. Traders and investors interested in shares of Devon Energy Co may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Devon Energy Co (NYSE:DVN) has potential upside of 117.9% based on a current price of $21.89 and analysts' consensus price target of $47.69. The stock should run into initial resistance at its 50-day moving average (MA) of $22.79 and subsequent resistance at its 200-day MA of $26.71.

In the past 52 weeks, Devon Energy Co share prices have been bracketed by a low of $19.72 and a high of $35.39 and closed yesterday at $21.89, 11% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has declined 0.2%.

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 monitoring the recent change of momentum in Devon Energy Co. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Devon Energy Co in search of a potential trend change.

Keywords: bullish am inside day candle devon energy co

Ticker(s): DVN