Devon 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...
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 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...
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...
DVN 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.
The 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.
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...
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
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!
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 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.
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%.
Consecutive 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!
