The Earnings of Devon Energy Corporation started to climb from December 2016 and between August and but only in September of 2017 the stock price started to show a recognizable trending behavior, All this added to a rising Crude Oil Futures is a good argument for add this stock to a portfolio. Another good quality of this stock is your high beta coefficient (2.65) ...
The rising wedge was confirmed when it changed $31-59 into a support. A higher low was also now confirmed at $33-90. The target of the wedge should it play out is around the 40 week moving average, waiting at $38-36. Technically the share will warn again when $29-54 changes into a resistance. Buy: $33-90 Stop loss: $29-54 Target: $38-36
Another possible setup is for DVN. If I am not mistaken we are in a possible wave 4 which could retest the support line of previous highs. This is possible since US index in on the rise and oil prices can drop accordingly. If so, this can be an oppurtunity to load up with some cheap oil stocks like DVN.
Could be putting in an Island reversal here on daily above the 1.618 ext and approaching R3 below the 200 MA. Weekly bounce off S2. The ideal short would be at 50.46 which is the 61.8 retracement from the high. RSI at 76 and CMF is at 85.43 - warrants at least a pull back.. I would buy May $32P's and expect the trade to work within 1-2 days, if not, bail.