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Quarterly Pattern:Falling Pennant
Number of records: 4
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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.
Tips:
# 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.

Archive
- 12/1/2017
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Devon Energy Corp.
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Summary:
Weekly :Broken trend resistance line
Daily :Stochastic signal line moved above oversold areaThe price has risen above the Parabolic SARThe price moved above the moving average in the center of the Bollinger Bands
Move cursor over the icon to see details.

It was a first positive week for the Devon Energy Corp. (DVN). During the week, the DVN gained 0.81 points, or 2.13%, and closed at 38.84 on Friday, December 01, 2017. Weekly volume was 15% above average.

Long-term trend: [See DVN long-term trend chart]
A long-term downtrend had started on December 12, 2016 at 50.69 and reached 28.79 on July 7, 2017. DVN lost 21.90 points, or 43.20%, in 29 weeks. The chart has formed a Falling Pennant chart pattern. The downtrend resistance line (32.19) is broken. A broken support is considered to be a long-term bullish signal. Use the following links to access Trend Support/Resistance Help, or use the Technical Stock Screener to see the list of stocks with broken trend resistance line in a long-term trend.

Medium-term trend: [See DVN medium-term trend chart]
A medium-term uptrend had started on July 7, 2017 at 28.79 and reached 41.47 on November 7, 2017. DVN gained -12.68 points, or -44.04%, in 17 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 35.43 and resistance is at 42.88. 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 technical indicators are neutral.

The weekly MACD line is above its signal line since August 25, 2017. This is an indication that the medium-term trend is up. 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 August 18, 2017 at 29.78 and reached 41.47 on November 7, 2017. DVN gained -11.69 points, or -39.25%, in 81 days. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 36.15 and resistance is at 43.91. 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 short-term trend.

Daily Technical Indicators: [See DVN daily technical indicators chart]
Daily technical indicators are neutral. During the last week, daily Lane's Stochastic signal line (%D) has moved above oversold area. Such crossover is considered a bullish signal. 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 link to access Lane's Stochastic help.

The daily MACD line is below its signal line since November 14, 2017. The distance between MACD and the signal line is low and getting smaller.

During the last week, the price has risen above the Parabolic SAR (stop and reversal). A Parabolic SAR below the price is a bullish signal, and it indicates that momentum is likely to remain in the upward direction. A Parabolic SAR is used as a trailing stop loss for long or short positions. It works best during strong trending periods. Use the following links to access Parabolic SAR Help, or use the Technical Stock Screener to see the list of stocks with the Parabolic SAR close to the price level.

During the last week, the price has moved above the moving average in the center of the Bollinger Bands. 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 40.86
Williams' Percentage Range (W%R) 51.60
Lane's Stochastic (%D-Slow) 39.44
Greed/Fear Indicator (GFI) 42.89
Moving Average Converg./Diverg. (MACD) 0.38
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 71.99
Williams' Percentage Range (W%R) 21.60
Lane's Stochastic (%D-Slow) 71.33
Greed/Fear Indicator (GFI) 70.03
Moving Average Converg./Diverg. (MACD) -0.31
Trading Signals
Description Value Chart
Weekly Trendline Resistance 43.91
Monthly Trendline Resistance 42.88
Upper Bollinger Band 40.63
Weekly Stochastic Crossing 39.02
Price 38.84
20 Day Moving Average 38.75
Daily Stochastic Crossing 38.22
50 Day Moving Average 37.15
Parabolic System 36.53
Weekly Trendline Support 36.15
Monthly Trendline Support 35.43
Lower Bollinger Band 35.27
Quarterly Trendline Support 32.19
Sector and Industry
Description Name Rank
Sector Basic Materials 6
Industry Independent Oil & Gas 74
Daily Trend
Description Value
Direction Down
Chart Pattern DownTrend
High 41.47
High Date 11/07/2017
Low 36.57
Low Date 11/28/2017
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 43.91
Support 36.15
Low 29.78
Low Date 08/18/2017
High 41.47
High Date 11/07/2017
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 42.88
Support 35.43
Low 28.79
Low Date 07/07/2017
High 41.47
High Date 11/07/2017
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern Falling Pennant
Status Broken Resistance
Resistance 25.72
Support 32.19
High 50.69
High Date 12/12/2016
Low 28.79
Low Date 07/07/2017
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 127.43
High Date 07/02/2008
Low 18.07
Low Date 02/19/2016
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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