DVN slumps, loses $1.21 (-2.96%) within a single day
Devon Energy Corp. (DVN) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, DVN finished the week -1.98% lower at 39.67 after tanking $1.21 (-2.96%) today on high volume. This is the biggest single day loss in over a month. Today's closing price of 39.67 marks the lowest close since June 5th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 40.68, the stock confirms its breakout through the prior session's low having traded $1.11 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $1.51 (3.7%), that's far above last trading month's daily average range of $0.87. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 40.39 today, it is now likely to act as resistance going forward.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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