The Greedy Trader Weekly Analysis
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Quarterly Pattern:Falling Pennant
Number of records: 3

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Chart Analysis and Chart Pattern Recognition – Bear Flag, Bull Flag, Bearish Pennant and Bullish Pennant.

Bear flag, bull flag, bearish pennant and bullish pennant chart patterns represent brief pauses after sharp moves in a dynamic market. They are considered as most reliable continuation patterns. Flags are characterized as short-term channels slanting against the main trend. Pennants represent short-term triangle formations. Volume is heavy during the sharp move preceding the formation.
Trading technique:
# 1 Flags and pennants present an additional opportunity to enter the dynamic market.
# 1
Usually flags and pennants represent short-term pauses technically required to reset overbought/oversold technical indicators and allow further movement. They likely to appear at earlier stages of the larger patterns, when short-term technical indicators are grossly overbought/oversold, but long-term indicators are in the middle range. In a situation when both long and short-term indicators are overbought (oversold), flags and pennants have more chances to become the beginning of a larger formation. Flags and pennants are considered invalid as soon as they break the parent's formation trend line.
# 2 As a continuation pattern, rectangle usually appears within a young trend characterized by neutral long-term indicators and overbought/oversold short-term indicators. Rectangle resets daily CTI to neutral and then continues the movement in parent's direction.
# 3 For the best results, chart patterns should be considered together with other technical analysis signals and technical trading techniques.
Estimated Target: projected support/resistance level of larger trend.

Devon Energy Corp.
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It was a first positive week for the Devon Energy Corp. (DVN). During the week, the DVN climbed 0.10 points, or 0.25%, and closed at 40.04 on Friday, October 05, 2018. Weekly volume was -13% below average.

Long-term trend: [See DVN long-term trend chart]
A long-term uptrend had started on July 7, 2017 at 28.79 and reached 46.54 on July 10, 2018. DVN gained -17.75 points, or -61.65%, in 52 weeks. The chart has formed a Rising Channel chart pattern. The trend support level is at 31.59 and resistance is at 46.27. A Rising Channel represents price movement contained between parallel lower (support) and upper (resistance) trend lines. Trading Channeling stocks is one of the most reliable and accurate trading techniques that provide traders with precise entry and exit points as well as stop-losses and take-profit recommendations. Use the following link to access a Rising Channel chart pattern help, or use a Technical Stock Screener to see the list of stocks with Rising Channel pattern in a long-term trend.

Medium-term trend: [See DVN medium-term trend chart]
A medium-term downtrend had started on July 10, 2018 at 46.54 and reached 38.69 on September 17, 2018. DVN lost 7.85 points, or 16.87%, in 9 weeks. The price is now at the 17.20% retracement level.

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

The weekly MACD line is below its signal line since August 17, 2018. This is an indication that the medium-term trend is down. 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 September 25, 2018 at 41.94 and reached 39.31 on September 28, 2018. DVN lost 2.63 points, or 6.27%, in 3 days. The price is now at the 27.76% retracement level.

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

The daily MACD line is above its signal line since September 21, 2018. The distance between MACD and the signal line is low, but getting bigger.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 58.23
Williams' Percentage Range (W%R) 58.10
Lane's Stochastic (%D-Slow) 33.76
Greed/Fear Indicator (GFI) 44.63
Moving Average Converg./Diverg. (MACD) -0.51
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 34.78
Williams' Percentage Range (W%R) 78.70
Lane's Stochastic (%D-Slow) 21.93
Greed/Fear Indicator (GFI) 29.06
Moving Average Converg./Diverg. (MACD) 1.21
Trading Signals
Description Value Chart
Quarterly Trendline Resistance 46.27
Upper Bollinger Band 42.12
50 Day Moving Average 41.65
Parabolic System 40.90
20 Day Moving Average 40.30
Price 40.04
Daily Stochastic Crossing 39.87
Weekly Stochastic Crossing 39.73
Lower Bollinger Band 38.90
Sector and Industry
Description Name Rank
Sector Basic Materials 4
Industry Independent Oil & Gas 71
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 41.94
High Date 09/25/2018
Low 39.31
Low Date 09/28/2018
Weekly Trend
Monthly Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 43.60
High Date 08/30/2018
Low 38.69
Low Date 09/17/2018
Description Value
Direction Down
Chart Pattern DownTrend
High 46.54
High Date 07/10/2018
Low 38.69
Low Date 09/17/2018
Quarterly Trend
Yearly Trend
Description Value
Direction Up
Chart Pattern Rising Channel
Status Valid
Resistance 46.27
Support 31.59
Low 28.79
Low Date 07/07/2017
High 46.54
High Date 07/10/2018
Description Value
Direction Down
Chart Pattern DownTrend
High 127.43
High Date 07/02/2008
Low 18.07
Low Date 02/19/2016
Warning: 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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