The Greedy Trader Weekly Analysis
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Monthly Pattern:Broadening Ascending Wedge
Number of records: 10
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Chart Analysis and Chart Pattern Recognition – Broadening Formations
Broadening Formations, including Broadening Ascending Wedge, present inverted triangle patterns. They start with narrow fluctuations, and then widen out between diverging boundary lines. The pattern, where one of the boundary lines is horizontal, is referred to as a right-angled formation. Broadening formations usually mark the reversal when confirmed by other technical indicators.
Broadening formations Screening page presents a list of stocks forming Broadening formation Pattern.
Tips:
# 1
As a reversal formation, Broadening formation Pattern appears in a mature trend, characterized by overbought/oversold long-term and short-term indicators. This situation usually generates divergence on long-term indicators.
# 2 For the best results, chart patterns and trend resistance support should be considered together with other technical analysis signals and technical trading techniques.
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Devon Energy Corp. (DVN)

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Summary:
Weekly :Price is near the Fibonacci 23.6% retracement levelTrend support at 25.29
Daily :20 Day Moving Average has crossed below the 50 Day Moving Average
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It was the negative week for the Devon Energy Corp. (DVN). During the week, the DVN gave back -0.16 points, or -0.62%, and closed at 25.62 on Friday, July 23, 2021. DVN was trading at average weekly trading volume.

Long-term trend: [See DVN long-term trend chart]
A long-term uptrend had started on March 18, 2020 at 4.70 and reached 31.99 on June 7, 2021. DVN gained -27.29 points, or -580.64%, in 63 weeks. Price is near the Fibonacci 23.6% retracement level. The Fibonacci retracement level is considered a support/resistance level.

Medium-term trend: [See DVN medium-term trend chart]
A medium-term uptrend had started on October 29, 2020 at 7.73 and reached 31.99 on June 7, 2021. DVN gained -24.26 points, or -313.84%, in 31 weeks. The chart has formed a Rising Channel chart pattern. The price is near the trend support (25.29) line. The support is usually stronger when technical indicators are oversold. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with price testing the trend support line in a medium-term trend.

Weekly Technical Indicators: [See DVN weekly technical indicators chart]
Weekly technical indicators are neutral.

The weekly MACD line is below its signal line since July 9, 2021. The distance between MACD and the signal line is low, but getting bigger. Use the following link to access a MACD help.

Short-term trend: [See DVN short-term trend chart]
A short-term downtrend had started on June 7, 2021 at 31.99 and reached 24.05 on July 19, 2021. DVN lost 7.94 points, or 24.82%, in 42 days. The price is now at the 19.77% retracement level.

Daily Technical Indicators: [See DVN daily technical indicators chart]
Daily technical indicators are neutral.

The daily MACD line is below its signal line since June 10, 2021. This is an indication that the short-term trend is down.

During the last week, the 20 Day Moving Average has crossed below the 50 Day Moving Average. Such crossover is considered a bearish signal. The moving average crossover signals work better when the stock develops a strong trend, but they are ineffective when the stock is in a trading range. Moving average crossover systems can be effective, but should be used in conjunction with trend patterns, momentum indicators, candlesticks and other aspects of technical analysis. Use the following links to access Moving Average Crossover trading technique, or use the Technical Stock Screener to see the list of stocks with the Moving Average close to the price level.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 30.61
Williams' Percentage Range (W%R) 69.20
Lane's Stochastic (%D-Slow) 28.13
Greed/Fear Indicator (GFI) 29.84
Moving Average Converg./Diverg. (MACD) -0.40
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 57.55
Williams' Percentage Range (W%R) 50.10
Lane's Stochastic (%D-Slow) 51.79
Greed/Fear Indicator (GFI) 51.22
Moving Average Converg./Diverg. (MACD) 2.97
Trading Signals
Description Value Chart
Upper Bollinger Band 30.17
50 Day Moving Average 27.92
Weekly Stochastic Crossing 27.79
Parabolic System 27.69
20 Day Moving Average 27.60
Daily Stochastic Crossing 25.82
Price 25.62
Monthly Trendline Support 25.29
Lower Bollinger Band 24.15
Sector and Industry
Description Name Rank
Sector Energy 3
Industry Oil & Gas Exploration & Production 51
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 30.55
High Date 07/01/2021
Low 24.05
Low Date 07/19/2021
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 31.99
High Date 06/07/2021
Low 24.05
Low Date 07/19/2021
Description Value
Direction Up
Chart Pattern Rising Channel
Status Test Support
Resistance 35.01
Support 25.29
Low 7.73
Low Date 10/29/2020
High 31.99
High Date 06/07/2021
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 4.70
Low Date 03/18/2020
High 31.99
High Date 06/07/2021
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 127.43
High Date 07/02/2008
Low 4.70
Low Date 03/18/2020
Warning: TheGreedyTrader.com presents weekly analysis. Technical indicators and trend parameters are calculated for the close of business day indicated on the top right corner of the screen.

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