Symmetrical TriangleNeutral pattern until broken with a trend in that direction.
The top line slopes down and is resistance. The bottom line slopes up and serves as support.
Price is at support.
No recommendation.
1DY6 trade ideas
Symmetrical TriangleTop line slopes up indicating lower highs and bottom line slopes up indication higher lows.
Neutral until broken.
Earnings 8-1 AMC.
Analysts do not appear positive on earnings.
No recommendation.
Devon Energy (DVN) Gearing up !!Devon energy on technical chart is gearing up for bullish momentum. On weekly chart
1. It has crossed 20 and 200 EMA
2. Falling trendline broken and closed above it.
3. Once current resistance zone crosses above $55, it will continue for good upside.
4. Consolidation of price from Mar till June in range and now ready to breakout.
One to Watch: DVN, 2/18/23One 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.
DVN - Inverted H&S An inverted H&S following a falling wedge
I use the inverted H&S as a chart pattern that allows continuation
Circles placed are left shoulder, head and right shoulder.
DVN long positionDevon Energy Corporation is on a descending triangle, so we expect a retracement of the price. Moreover the price is hitting both the support and the band of the triangle, making the price more likely to raise, Also the RSI index shows that the stocks are oversold, further strengthen this theory. You can go long on this stock as soon as its price breaks the upper band of the triangle. You can then sell in the resistance as shown in the chart.
DVN - Trend ReversionTrade Theme Trend Reversion
Sector/Stock DVN
Trend R/R
Propulsion 21/34ema
Vscore Yes
Vprofile Yes
RAF Not at Extreme
Darvas No
Darvas 3.0 Yes
Entry 49.95 Minor Low Breakout. Look for improvement on breakout pullback.
Profit/Breakeven 48.05 50% Fib retracement and Volume resistance.
Stop Loss 25% Stop Loss
Option 19May23 50 Puts
Aggro on first entry and looking for price improvement on continue Measured Move to $51.
I also don't like the Higher Low - which could be a 1-2-3, albeit in a Downtrend.
$DVN - the gap closed is $52 still possible?With the gap close the island bottom reversal invalidated. However AB=CD pattern is still in play unless the price breaks below $44.
We can still see $52 unless the price breaks below $44.
$DVN - AB=CD + Potential island bottom reversal$DVN have a chance of Island bottom reversal on top of AB=CD pattern that I posted a few days ago. Island bottom is formed when the price gapped down at the end of down trend and gapped up around same gap down area leaving air pocket see rectangle 1 and 2.
However, the pattern invalidates, if the gap up closes. If you look at rectangle 1, you can see the stock shot up after island reversal. We are at rectangle 2. Lets hope it does the same!
$DVN - Bulkowski 's AB = CD Bullish pattern This is the practical application of Bulkowski's AB = CD bullish pattern on #DVN #DevonEnergy. The ABCD pattern is identified by Fib retracement and extension shown in chart.
Now we can trade based on probability of price reaching to
A ($64) = 40% chance
B ($52) = 83% chance
C ($57) = 47% chance
Current price is $46.27. Betting on $52 point B is almost a sure bet with 83% chance! Let's see if I make money!
Not many people talk about this pattern. I will be using it in actual trading! How exciting?
$DVN - looks good for a reversal to $62DVN looking good for a reversal to $62. The MACD is crossing bullish. RSI is turning up.
Target 1: $62.
Risk: fall to $49.92.
——
Trade is done when it hit one of the target or stop loss is hit.
Disclaimer: Trading note. Not an investment advice.
What to do with DVNThis latest drawdown is interesting. Don't want to get burned by a falling knife.
DVNThe Trend Lines are above. If SPX does not decline, all the stocks can start a rally which I expect cannot exceed the ATH. I expect 2024 will be the bigger rally and this year, I expect fluctuations.
Not an investment reccomendation.
$DVN, end of the monster rally?Following stage anlysis by Stan Weinstein, $DVN is on the verge of moving into a stage 4 decline. The SPDR S&P Oil & Gas Exploration & Production ETF ($XOP) is also showing weakness.
Although AMEX:XOP showed relative strenght last week, it resides underneath the 30 WMA and it's starting to curl downward.
If $XOP can't reclaim the 30 WMA on this pullback, this will show the weakness of these stocks (e.g. OXY, AR, USO,...) especially the ones who had a monsterrun (+100%) the last few years (DVN 4,70 --> 79,40).
A price entry will depend on the price action this week. If price can't reclaim the trend line (ca. 63) a short entry (or puts) can be entered there, a secondary entry would be a failed break of the 30 WSMA. This spot (30WMA) coincides with the declining 50 DEMA and DT trendline, this would be the ideal spot to go short.
This setup is invalidated if price breaks these MA's and trendlines on big volume.
Look at the weekly timeframe to get a clearer picture.
$DVN with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $DVN after a Negative Bearish reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
DVN+2*BABADVN
NYSE:BABA
Devon Energy Corporation - DVN
Alibaba Group Holdings Ltd - NYSE:BABA
I bought two shares of NYSE:BABA for every one share of DVN
-
1- No stop loss.
2- 5x leverage NoT More!
Becareful! Not more than leverage 5.
-
for buying shares:
warning: Only leverage 5, Do Not Take More Than leverage 5.
----
Happy Trading!
$DVN Earnings$DVN has earnings Tuesday. I am eyeing a pullback in oil names headed into the week, but a beat could send this to new ATH
$DVN Setting up BUT......In a good market, I will be all over this setup.
But frankly, probably just watching tomorrow vs acting.
Taking on risk buying strength has been suckers game.
$DVN
$DVN Setting Up$DVN has a confluence of down
trending line and horizontal supply line on the right side of its base.
2 more calm days would do the trick and sets up a nice low risk entry.
One to watch.
$DVN with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $DVN after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 40%.
$DVN Flag Setup$DVN Flagging in a bull manner.
Worth watching this week. One of the strongest stocks in the energy space.
$DVN #DVN Accumulation of positions by fundsConsecutive 10 of 11 days of green days so far. According to David Ryan Ants' theory may apply but certainly not above average on some days. Watch and see and take the ride up!
