Devon Energy - Where the chart is heading
The weekly chart
In the DVN weekly chart, we can see it broken upward of the long term bearish trend line upward and now moving into a long term bullish area of the chart.
Price recently crossed above an important area at 58.4 – 60.5 and it’s the immediate support area for the current price.
The Daily Chart
In the daily chart, we can see price is forming a convergence trending channel. Pattern breakout has not happened yet, but considering the price movement, it will continue upward with a short-term target of 77.3 – 79.3 area.
Price is continuing with the support of 20/30 MA indicates the healthy continuation of the short-term bullish trend.
In the DVN chart, we can see the 43.0 – 45.4 area as the best long-term support zone where is good to enter for a long-term position. Price Holding above that area is the validation for the long-term bullish trend.
We expect the short-term bullish trend to have a significant resistance around the 66.5 – 68.5 area, as it’s a major resistance area on the weekly chart. So we expect a short-term price pullback around that area.
Considering the trend line convergence, the current mid-term bullish trend will reverse around the 77.3 – 79.3 resistance area.
Conclusion
In conclusion, DVN is short-term bullish and the price formation indicates the current bullish trend will continue towards the 77.3 – 79.3 area, so it’s good to enter long around 58.4 – 60.5 support area with a short term price target of 77.3.
Current short term bullish trend is Valid as long as price stays above 51.2 – 53.2 support zone. The expected mid term trend reversal will happen around 77.3 – 79.3 resistance area.
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