DVN ends the day on a bullish note closing near the high of the day
Devon Energy Corp. (DVN) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
DVN finished the week -0.49% lower at 42.84 after gaining $0.77 (1.83%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (DVN as at Aug 10, 2018):
Friday's trading range was $1.27 (3.03%), that's slightly above last trading month's daily average range of $1.09. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Regardless of a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Breaking through the key resistance level at 42.83 today, it is now likely to act as support going forward. After having been unable to move above 42.96 in the prior session, Devon Energy ran into sellers again around the same price level today, failing to move higher than 42.90.
Although the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.