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TradeWithParas
Feb 21, 2024 4:30 PM

DVN triangle breakout Long

Devon Energy CorporationNYSE

Description

Reasons for bullish bias:
- Price bounced from strong support
- Entry is at the breakout of the triangle
- Targets set till projection

Entry Level(Buy Stop): 45.96
Stop Loss Level: 40.21
Take Profit Level 1: 51.71
Take Profit Level 2: 63.19
Take Profit Level 3: Open

Trade active

Trade triggered

Trade active

Tp1 hit
Comments
Bluesun_78
Looks like we're getting close to your TP1. I went ahead and locked in some profits. Price is looking a bit extended here, IMO, so maybe short-term pullback before upward continuation? Curious to know your thoughts on a pullback? This has been a great trade!
TradeWithParas
@Bluesun_78 so glad you made some profits! 51-52 does have a previous resistance zone. Price might pull back a bit from this zone
Bluesun_78
@TradeWithParas, Thank you!
Bluesun_78
Very nice! You're good. I'd like to see $50 by end of March or sooner :)
Bluesun_78
Thanks for sharing! I'm long too. Good luck into earnings.
Bluesun_78
Curious, assuming it continues its breakout and upward trajectory how long do you think it will take to reach your TP2? Possibly a couple of months? I'm newer to this stock, so not super familiar with how it moves.
TradeWithParas
@Bluesun_78, Hi there, I can't actually predict the number of days but hoping to get some speed ups like AMAT :')
Bluesun_78
@TradeWithParas, Thank you! I love AMAT. Unfortunatley the reaction to DVN earnings has been lack luster so far, but I'm keeping an eye on it to see if buyers step in. Would like to see it hold above $45.
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