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After Yesterday's Rally of 2.34% Shares Could Potentially Pullback

By James Quinn

Devon Energy (NYSE:DVN) traded in a range yesterday that spanned from a low of $43.71 to a high of $45.18. Yesterday, the shares gained 2.3%, which took the trading range above the 3-day high of $45.01 on volume of 3.0 million shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 23.5%. We continue to monitor DVN for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Over the past year, Devon Energy has traded in a range of $18.07 to $70.48 and is now at $45.04, 149% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has advanced 3.9%.

Keywords: rebounders devon energy

Ticker(s): DVN