Devon Energy (DVN) | Technical Break, Wait For a Retest!
Hi, another idea from the stock market.
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
Technical analysis of DVN looks promising. The price of Devon Energy has made a break above the trendline which is pulled from ATH in 2008. It has worked quite strongly as resistance and after the break above it starts to act as a support.
There is also a minor level around $20. It has played quite a significant role considering history. It is good that the trendline and the strong horizontal area form a grossing zone which adds strength to the future retest.
We haven't seen higher highs on the monthly, but if you look at smaller timeframes then there are some minor breakouts of the structure (higher highs) which are good confirmations for future growth.
If you are made your own fundamental research and you see that it might be a good investment then technical analysis confirms it, at least mine. Remember, a perfect investment consists of good fundamentals and good technicals. If one of them does not meet your expectations then skip it, easy.
If you have the green lights from both analyses then you can start building your positions from £23!
Have a nice weekend,
Vaido
Devon Energy Corporation, an independent energy company, primarily engages in the exploration, development, and production of oil, natural gas, and natural gas liquids in the United States. It operates approximately 3,942 gross wells. Devon Energy Corporation was founded in 1971 and is headquartered in Oklahoma City, Oklahoma.
Technical analysis of DVN looks promising. The price of Devon Energy has made a break above the trendline which is pulled from ATH in 2008. It has worked quite strongly as resistance and after the break above it starts to act as a support.
There is also a minor level around $20. It has played quite a significant role considering history. It is good that the trendline and the strong horizontal area form a grossing zone which adds strength to the future retest.
We haven't seen higher highs on the monthly, but if you look at smaller timeframes then there are some minor breakouts of the structure (higher highs) which are good confirmations for future growth.
If you are made your own fundamental research and you see that it might be a good investment then technical analysis confirms it, at least mine. Remember, a perfect investment consists of good fundamentals and good technicals. If one of them does not meet your expectations then skip it, easy.
If you have the green lights from both analyses then you can start building your positions from £23!
Have a nice weekend,
Vaido
