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After Yesterday's Rally of 1.67% Shares Could Potentially Pullback

By Nick Russo

Devon Energy (NYSE:DVN) traded in a range yesterday that spanned from a low of $41.58 to a high of $42.73. Yesterday, the shares gained 1.7%, which took the trading range above the 3-day high of $42.68 on volume of 4.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Devon Energy has traded in a range of $18.07 to $70.48 and is now at $42.67, 136% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 3.9% while the 200-day MA has slid 1.1%.

SmarTrend recommended that subscribers consider buying shares of Devon Energy on May 25th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $35.72. Since that recommendation, shares of Devon Energy have risen 17.5%. We continue to monitor DVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders devon energy

Ticker(s): DVN