DVN slides with the crude downward correctionDVN stock is showing a bearish performance lately after breaking out a bearish formation (bearish symmetrical triangle) on the daily timeframe, yet the breakout is not confirmed.
With the technical indicators supporting the breakout confirmation, prices may fall hitting $25.70 and $24.15 consecutively.
Devon
DVN (Devon Energy) before the 80% increase.DVN (Devon Energy) before the 80% increase. The fair value of the share is 17.43usd. It is currently in the accumulation range. According to my analysis, you can reach the top of the second rising wave of the double wave extremely quickly. One reason for this is the "technical gap" caused by option trading. This gap causes a technical exchange rate jump not only on the short side but also on the hedging side. Which in short means it can also appear on an ascending side. In short, I assume that we will have a day (in the near future) when the stock rises by 30% in a day in a rising share price.
DVN stay long...DVN stay long. The exchange rate moves in the third rising elliot wave structure. The size of the motion, following elliot rule, is equal to the size of the first wave. If the finding is correct, the next target price for the exchange is 55 usd. From this level I will again expect an ABC correction wave motion.
DEVON ENERGY CORP long ...DEVON ENERGY CORP long ... The exchange rate moves in a dual wave motion. The ATR (D1) is 1.66 times the previous value. This means that the distance of the exchange rate movement can be greater than 1.66 times the wave (BC) wave period as in the (0A) wave period. This may also have the consequence that the wave (BC) is twice as large as the wave structure (0A). The (BC) wave periodus target price is 56usd.