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Bubbalouie
Mar 22, 2024 1:40 AM

DVN – Where’s it going? Long

Devon Energy CorporationNYSE

Description

DVN is rallying and is looking strong. The RSI hasn’t been this strong since 10/21 and that lead to a rally that saw the stock double. I am skeptical that this happens again. It could be overbought here. It has a lot of overhead supply where it may meet resistance. The fact that it has recovered the 200-day SMA should attract attention of fund managers. Scenarios I see are that it could advance to the 52 area and retreat or we can see an area to the 45 area and that is probably a nice spot to go long. If DVN can clear 55 I think any retracements are buyable.

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