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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Devon Energy (NYSE:DVN) based on the price action in the company's shares. Today's price range of $42.11 and $42.74 is within yesterday'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 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.

Potential upside of 39.1% exists for Devon Energy, based on a current level of $42.37 and analysts' average consensus price target of $58.93. The stock should find initial support at its 200-day moving average (MA) of $35.32 and further support at its 50-day MA of $27.95.

Over the past year, Devon Energy has traded in a range of $18.07 to $70.48 and is now at $42.37, 134% above that low. Over the past week, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 3.9%.

SmarTrend is tracking the current trend status for Devon Energy and will alert subscribers who have DVN in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish inside day candle devon energy

Ticker(s): DVN