DVN closes higher for the 2nd day in a row
Devon Energy Corp. (DVN) Technical Analysis Report for Apr 16, 2018
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.
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.
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.
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.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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