DVN closes higher for the 2nd day in a row

Devon Energy Corp. (DVN) Technical Analysis Report for Apr 16, 2018

Highlights

DVN closes higher for the 2nd day in a row
DVN ends the day on a bullish note closing near the high of the day
DVN finds buyers again around 33.12
DVN stuck within tight trading range
DVN closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 25% Bullish
Technical Forecast:

Overview

Moving higher for the 2nd day in a row, DVN finished Monday at 33.62 edging higher $0.02 (0.06%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for DVN

Volatility

Monday's trading range was $0.60 (1.78%), that's far below last trading month's daily average range of $1.03. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 32.83 and 33.89 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 33.89. After having been unable to move lower than 33.13 in the prior session, the market found buyers again around the same price level today at 33.12.

Trend

While the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 33.89 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 32.83 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Devon Energy Corp.

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