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Uptrend Broken Support

Uptrend Broken Support stock alert presents a technical analysis stock market picking technique based on combination of technical indicators, stock trend analysis, trend following indicators and pattern recognition. Stock market alert is a warning signal. Uptrend Broken Support alert is a confirmation that long term uptrend reversal is completed and a new downtrend is establiched.

Unlike other alerts, broken resistance is not a buy/sell signal. It is rather warning signal that trend direction has changed. For entry point it is usually better to wait for pull back and retest of support trendline. This point is considered as a second chance to sell long position (or open short positions) in uptrend reversal.

Uptrend Broken Support

Archive
- 3/15/2024 -
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Devon Energy Corp. (DVN) Technical Analysis

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Summary:
Weekly :Overbought sectorWilliams' Percentage Range is overbought
Daily :Relative Strength Index and Williams' Percentage Range are overboughtLane's Stochastic is strongly overboughtStochastic has declined below the signal lineMACD bearish divergence
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It was a sixth consecutive positive week for the Devon Energy Corp. (DVN). During the week, the DVN gained 1.46 points, or 3.16%, and closed at 47.62 on Friday, March 15, 2024. Weekly volume was -8% below average.

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 April 17, 2023 at 56.19 and reached 40.47 on February 5, 2024. DVN lost 15.72 points, or 27.98%, in 42 weeks. The chart has formed a Broadening Descending Wedge chart pattern. The trend support level is at 39.58 and resistance is at 52.11. A Broadening Descending 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 Descending Wedge chart pattern help, or use a Technical Stock Screener to see the list of stocks with Broadening Descending Wedge pattern in a long-term trend.

Medium-term trend: [See DVN medium-term trend chart]
A medium-term uptrend had started on February 5, 2024 at 40.47 and reached 48.29 on March 15, 2024. DVN gained -7.82 points, or -19.32%, in 5 weeks. The chart has formed a Broadening Ascending Wedge chart pattern. The trend support level is at 46.13 and resistance is at 50.41. 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 Williams' Percentage Range is overbought. Use the Technical Stock Screener to see the list of stocks with 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 link to access 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 low, but getting bigger. It indicates that the current medium-term uptrend is getting stronger. 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 48.29 on March 15, 2024. DVN gained -5.16 points, or -11.96%, in 21 days. The price is now at the 12.98% retracement level.

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 links to access Lane's Stochastic and 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.

Daily Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 87.38
Overbought
Williams' Percentage Range (W%R) 14.60
Overbought
Lane's Stochastic (%D-Slow) 91.33
Strong Overbought
Greed/Fear Indicator (GFI) 88.02
Overbought
Moving Average Converg./Diverg. (MACD) 0.86 Bearish
Weekly Oscillators
Description Value Status Divergence Chart
Relative Strength Index (RSI) 60.30
Williams' Percentage Range (W%R) 10.00
Overbought
Lane's Stochastic (%D-Slow) 58.54
Greed/Fear Indicator (GFI) 67.60
Moving Average Converg./Diverg. (MACD) -1.77
Trading Signals
Description Value Chart
Monthly Trendline Resistance 52.11
Weekly Trendline Resistance 50.41
Upper Bollinger Band 48.19
Daily Stochastic Crossing 47.95
Price 47.62
Parabolic System 46.89
Weekly Trendline Support 46.13
Weekly Stochastic Crossing 45.71
20 Day Moving Average 45.13
50 Day Moving Average 43.52
Lower Bollinger Band 42.49
Monthly Trendline Support 39.58
Sector and Industry
Description Name Rank
Sector Energy 9
Industry Oil & Gas Exploration & Production 57
Daily Trend
Description Value
Direction Up
Chart Pattern Uptrend
Low 43.13
Low Date 02/23/2024
High 48.29
High Date 03/15/2024
Weekly Trend
Monthly Trend
Description Value
Direction Up
Chart Pattern Broadening Ascending Wedge
Status Valid
Resistance 50.41
Support 46.13
Low 40.47
Low Date 02/05/2024
High 48.29
High Date 03/15/2024
Description Value
Direction Down
Chart Pattern Broadening Descending Wedge
Status Valid
Resistance 52.11
Support 39.58
High 56.19
High Date 04/17/2023
Low 40.47
Low Date 02/05/2024
Quarterly Trend
Yearly Trend
Description Value
Direction Down
Chart Pattern DownTrend
Status
Resistance
Support
High 79.40
High Date 06/09/2022
Low 40.47
Low Date 02/05/2024
Description Value
Direction Up
Chart Pattern Uptrend
Status
Resistance
Support
Low 4.70
Low Date 03/18/2020
High 79.40
High Date 06/09/2022
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.