Technical Report: Devon Energy Corporation Breaches Key Support Level

Posted on 02/03/2012 by Edward Connelly


NEW YORK (AVAFIN) -- Shares of Devon Energy Corporation closed below the 50-day moving average of $63.56 on Friday. When analyzing trading patterns, technical analysts and investors will view this development as a sign of weakness. The stock price when compared to it's moving average can be used as an indicator to determine the trend. As long as stock movement maintains it's current trajectory investors will view it as a sign of weakness.

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Investor expectations are continuously evolving and often times they change quite rapidly. The breaking through resistance levels can be triggered by fundamental changes that are above or below investor's expectations. Based on the pivot points, the current support and resistance levels for DVN are $62.39 and $65.37 respectively.

Performance metrics indicate that the stock has lost 28.02% within the last year. The average analyst rating for the stock is buy.

Devon Energy Corporation is an independent energy company, which is engaged in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas.

Market Snapshot (02/03/2012)
  SPX 1344.49 18.95 1.43%
  DOW 12857.3 151.90 1.20%
  NASDAQ 2905.66 45.98 1.61%
  VIX 17.1 -0.88 -4.89%

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