Devon Energy (DVN) entered the Green Favored Zone of the SIA S&P 500 Index Report back in October. In the last few days, it has been climbing within that zone, moving up 13 spots yesterday to 24th place.
A major breakout is underway in Devon Energy (DVN) shares which have gapped up through $20.00 to signal the start of a new upleg. This continues a series of bullish signals this year which started with the shares snapping out of a long-term downtrend on high volume, a sign of renewed investor interest.
Based on measured moves from the recent $16.00 to $20.00 trading range, and the previous $5.00 to $15.00 base building range, next potential upside resistance appears in the $24.00 to $25.00 area, followed by $28.00 and then the $30.00 round number. Initial support appears near $20.00 the recent breakout point and a round number.
Devon Energy (DVN) has been under renewed accumulation since October when it completed a series of bullish Spread Double Top breakouts, and snapped a downtrend line. Since then, the shares have remained under accumulation, establishing a consistent upward trend of higher lows, and completing a series of bullish Double Top breakouts.
Next potential upside resistance appears near $23.95 based on a horizontal count, then the $25.00 round number, plus $27.50 and $29.20 on trend, which are based on vertical counts. Initial support appears near $20.00 where a round number, recent breakout point, 3-box reversal and a previous column low cluster.
With its bullish SMAX score increasing to a perfect 10 DVN is exhibiting near-term strength across the asset classes.
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