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

By Nick Russo

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 $31.30 and $31.56 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, 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.

Devon Energy Co (NYSE:DVN) has potential upside of 51.9% based on a current price of $31.40 and analysts' consensus price target of $47.69. Devon Energy Co shares should encounter resistance at the 200-day moving average (MA) of $33.94 and support at the 50-day MA of $29.25.

Over the past year, Devon Energy Co has traded in a range of $20.37 to $46.54 and closed yesterday at $31.40, 54% above that low. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has advanced 1.0%.

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: bullish am inside day candle devon energy co

Ticker(s): DVN