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- 4/5/2024 -
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Devon Energy Corp. (DVN) Technical Analysis
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| Summary:
| | Weekly : | | Daily :
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| | It was a ninth consecutive positive week for the Devon Energy Corp. (DVN). During the week, the DVN gained 3.09 points, or 6.16%, and closed at 53.27 on Friday, April 5, 2024. DVN was trading at average weekly trading volume.
DVN is a member of Energy Sector. Energy is the most overbought sector. Sector/industry rotation is considered a proven strategy to beat the market. Use the following links to find overbought/oversold technical indicators by Sector or by Industry.
 Long-term trend: [See DVN long-term trend chart]
A long-term downtrend had started on June 9, 2022 at 79.40 and reached 40.47 on February 5, 2024. DVN lost 38.93 points, or 49.03%, in 86 weeks. The price is now at the 32.88% retracement level.
 Medium-term trend: [See DVN medium-term trend chart]
A medium-term uptrend had started on February 5, 2024 at 40.47 and reached 53.58 on April 5, 2024. DVN gained -13.11 points, or -32.39%, in 8 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 49.01 and resistance is at 55.17. A Broadening Ascending Wedge pattern is considered to be a reversal formation. It usually appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators, and often generates divergence on long-term indicators. Use the following link to access a Broadening Ascending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Ascending Wedge pattern in a medium-term trend.
 Weekly Technical Indicators: [See DVN weekly technical indicators chart]
Weekly Lane's Stochastic is overbought while Williams' Percentage Range is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought weekly Lane's Stochastic or strongly overbought weekly Williams' Percentage Range. Oscillators are designed to signal a possible trend reversal. They can act as alerts and should be taken in conjunction with other technical analysis tools. Oscillators can be used to confirm other technical signals. Use the following links to access Lane's Stochastic and Williams' Percentage Range help.
The weekly MACD line is above its signal line since February 16, 2024. This is an indication that the medium-term trend is up. The distance between MACD and the signal line is relatively high and getting bigger. It indicates that the current medium-term uptrend is strong. Use the following link to access a MACD help.
 Short-term trend: [See DVN short-term trend chart]
A short-term uptrend had started on February 23, 2024 at 43.13 and reached 53.58 on April 5, 2024. DVN gained -10.45 points, or -24.23%, in 42 days. Price is near the trend high.
 Daily Technical Indicators: [See DVN daily technical indicators chart]
Daily Relative Strength Index and Williams' Percentage Range are overbought while Lane's Stochastic is strongly overbought. Use the Technical Stock Screener to see the list of stocks with overbought daily Relative Strength Index and Williams' Percentage Range or strongly overbought daily Lane's Stochastic. During the last week, daily Lane's Stochastic main line (%K) has declined below the overbought signal line (%D). Such crossover is considered a bearish signal. Daily MACD has bearish divergence. Use the following links to access the MACD help, or use the Technical Stock Screener to see the list of stocks with daily MACD bearish divergence. The divergence between price and indicator is considering one of the most important buy/sell stocks trading signal. Use the following link to access Relative Strength Index help.
The daily MACD line is above its signal line since February 7, 2024. This is an indication that the short-term trend is up.
The price touches the upper Bollinger Band. The Bollinger Bands are often used with a non-oscillator indicator like chart patterns or a trendline. The signals are considered more reliable if these indicators confirm the recommendation of the Bollinger Bands. Use the following links to access the Bollinger Bands Help, or use the Technical Stock Screener to see the list of stocks with the price above the Upper Bollinger Band or below the Lower Bollinger Band.
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