The weekly 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.
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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