Devon Energy Corp. - (DVN) - June 2, 2021

by SIACharts.com

In just four months between November and March, Devon Energy (DVN) rocketed up from the bottom of the red zone to the top of the Green Favored Zone in the SIA S&P 500 Index Report. With oil prices on the rise and energy stocks attracting renewed interest lately, Devon Energy has returned to top spot in the report after rising 11 places yesterday and 195 places over the last month.

A breakaway gap to a two-year high on a big spike in volume in Devon Energy (DVN) shares has confirmed the start of a new upleg which started with a successful retest of $20.00 support and a breakout over $25.75 earlier this spring.

Previous highs and lows suggest next potential upside resistance on trend may appear near $32.50, $37.50, and $41.50, along with the $40.00 round number. Measured moves from a recent consolidation range suggest additional resistance appears possible near $31.50 and $37.25. Initial support appears at the bottom of yesterday’s gap near $26.50.

Devon Energy (DVN) continues the upward trend of higher lows and positive pattern completions which started with a high pole and the snapping of a downtrend line back in November. Yesterday, Devon kicked off June with a breakout which completed a bullish Double Top pattern, signaling the start of a new upleg.

Initial upside resistance appears at a previous high dating back to 2019 near $32.35, followed by the $35.70 to $36.40 zone and the $37.90 to $38.60 area all of which are based on horizontal and vertical counts. Initial support appears near $27.30 based on a 3-box reversal.

With a perfect SMAX score of 10, DVN is exhibiting strength across the asset classes.

 
 
 

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

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