One to Watch: DVN, 2/18/23

NYSE:DVN   Devon Energy Corporation
One to Watch: DVN , 2/18/23
*(video coming...maybe)

Potential Weekly stage 3 breakdown/ INT/LT trend reversal?

Distribution since March 22': (courtesy VolumeLeaders)

15.8M @ $66.80 = $1.1B (39)
8.62M @ $74.90 = $650M (28)
10.3M @ $60.10 = $620M (53)
8.31M @ $68.50 = $570M (65)
10.1M @ $53.80 = $540M (24) (closed under spot on W basis)

Is DVN a place that will see relative weakness over the next 3-6 months? Are people offsides and we're seeing the movie theatre exit on lower timeframes?

Multi timeframe- st extended. inverted 5 ema, 8sma st guide, inverted 30 dma/85dema int guide.

Note*- PEG to spark trend reversal? 2 earnings gaps downs in a row. Will "investors" lose faith as institutions continue to monetize inventory from much lower prices?

Risk- continued stage 3 sideways action, violent undercut and reversal.
Have buybacks been compressing vol? Are institutions offloading their bags to DVN?

Most recent Dec 22 buyback rel smaller...

March beginning of blow off move/stage 3? s...
Trade closed manually

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.