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

By James Quinn

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 $39.03 and $39.65 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 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.

In the past 52 weeks, shares of Devon Energy Co have traded between a low of $29.83 and a high of $46.54 and closed yesterday at $39.33, which is 32% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has declined 0.7%.

There is potential upside of 21.3% for shares of Devon Energy Co based on a current price of $39.33 and an average consensus analyst price target of $47.69. Devon Energy Co shares should encounter resistance at the 50-day moving average (MA) of $42.74 and support at its 200-day MA of $39.31.

SmarTrend recommended that its subscribers protect gains by selling shares of Devon Energy Co on August 10th, 2018 by issuing a Downtrend alert when the shares were trading at $42.26. Since that call, shares of Devon Energy Co have fallen 8.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle devon energy co

Ticker(s): DVN