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This is an update with a trade that is on and ongoing.
What to do here now that the trade is moving along the projected path?
What's your vote?
I'll raise my stop to breakeven.
Tim
10:20AM Wednesday Feb 19, 2014
This is the same chart that I published a month ago and all I have done is shifted the rally further to the right. The target and the stop are the same.
Now that crude oil prices are coming out of their slide, it could lead traders to find the laggards in the group to buy.
It looks like DVN is a coiled spring here, ready for a nice rally.
12:32PM EST, Wed...
Devon was written up favorably in an article in Barron's Magazine this past weekend. The stock jumped to 61.50 on the story but has since retraced those gains. Now the stock is back to support levels and with a bigger base of support just under current prices, the upside-downside situation looks acceptable.
Note on the chart how DVN formed a sequence of...
This trade panned out on both sides. LONG DEVON ENERGY (DVN) and SHORT CRUDE OIL (CL1!)
The drop in Crude Oil ought to make anyone holding longs in oil-related names very nervous.
I will look around for shorts in the oil sector.
Cheers.
11:03AM EST Wednesday, October 23, 2013
The recent breakout of the small triangle might be alerting us to a much bigger trade here in DVN. This is not the first time I have posted a chart on DVN calling for a move up. However, note the distinct correlation between DVN (candlestick chart) and Crude Oil (Bar chart, faded). The recent rally has been more in the front months of crude oil (which is known...
The recent pull-back in the shares of DVN have brought the price back down to its most frequent price where it has traded for more than 20 days at the 57 level. Today reached down and the buyers for DVN shares apparently were there. The price lifted and closed above support.
The base that DVN has been building since bottoming in June appears to be solid, but...
