DVN - Inverted H&S An inverted H&S following a falling wedge
I use the inverted H&S as a chart pattern that allows continuation
Circles placed are left shoulder, head and right shoulder.
1DY6 trade ideas
DVN long positionDevon Energy Corporation is on a descending triangle, so we expect a retracement of the price. Moreover the price is hitting both the support and the band of the triangle, making the price more likely to raise, Also the RSI index shows that the stocks are oversold, further strengthen this theory. You can go long on this stock as soon as its price breaks the upper band of the triangle. You can then sell in the resistance as shown in the chart.
DVN - Trend ReversionTrade Theme Trend Reversion
Sector/Stock DVN
Trend R/R
Propulsion 21/34ema
Vscore Yes
Vprofile Yes
RAF Not at Extreme
Darvas No
Darvas 3.0 Yes
Entry 49.95 Minor Low Breakout. Look for improvement on breakout pullback.
Profit/Breakeven 48.05 50% Fib retracement and Volume resistance.
Stop Loss 25% Stop Loss
Option 19May23 50 Puts
Aggro on first entry and looking for price improvement on continue Measured Move to $51.
I also don't like the Higher Low - which could be a 1-2-3, albeit in a Downtrend.
$DVN - the gap closed is $52 still possible?With the gap close the island bottom reversal invalidated. However AB=CD pattern is still in play unless the price breaks below $44.
We can still see $52 unless the price breaks below $44.
$DVN - AB=CD + Potential island bottom reversal$DVN have a chance of Island bottom reversal on top of AB=CD pattern that I posted a few days ago. Island bottom is formed when the price gapped down at the end of down trend and gapped up around same gap down area leaving air pocket see rectangle 1 and 2.
However, the pattern invalidates, if the gap up closes. If you look at rectangle 1, you can see the stock shot up after island reversal. We are at rectangle 2. Lets hope it does the same!
$DVN - Bulkowski 's AB = CD Bullish pattern This is the practical application of Bulkowski's AB = CD bullish pattern on #DVN #DevonEnergy. The ABCD pattern is identified by Fib retracement and extension shown in chart.
Now we can trade based on probability of price reaching to
A ($64) = 40% chance
B ($52) = 83% chance
C ($57) = 47% chance
Current price is $46.27. Betting on $52 point B is almost a sure bet with 83% chance! Let's see if I make money!
Not many people talk about this pattern. I will be using it in actual trading! How exciting?
$DVN - looks good for a reversal to $62DVN looking good for a reversal to $62. The MACD is crossing bullish. RSI is turning up.
Target 1: $62.
Risk: fall to $49.92.
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Trade is done when it hit one of the target or stop loss is hit.
Disclaimer: Trading note. Not an investment advice.
What to do with DVNThis latest drawdown is interesting. Don't want to get burned by a falling knife.
DVNThe Trend Lines are above. If SPX does not decline, all the stocks can start a rally which I expect cannot exceed the ATH. I expect 2024 will be the bigger rally and this year, I expect fluctuations.
Not an investment reccomendation.
$DVN, end of the monster rally?Following stage anlysis by Stan Weinstein, $DVN is on the verge of moving into a stage 4 decline. The SPDR S&P Oil & Gas Exploration & Production ETF ($XOP) is also showing weakness.
Although AMEX:XOP showed relative strenght last week, it resides underneath the 30 WMA and it's starting to curl downward.
If $XOP can't reclaim the 30 WMA on this pullback, this will show the weakness of these stocks (e.g. OXY, AR, USO,...) especially the ones who had a monsterrun (+100%) the last few years (DVN 4,70 --> 79,40).
A price entry will depend on the price action this week. If price can't reclaim the trend line (ca. 63) a short entry (or puts) can be entered there, a secondary entry would be a failed break of the 30 WSMA. This spot (30WMA) coincides with the declining 50 DEMA and DT trendline, this would be the ideal spot to go short.
This setup is invalidated if price breaks these MA's and trendlines on big volume.
Look at the weekly timeframe to get a clearer picture.
$DVN with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $DVN after a Negative Bearish reaction following its earnings release placing the stock in drift B with an expected accuracy of 50%.
DVN+2*BABADVN
NYSE:BABA
Devon Energy Corporation - DVN
Alibaba Group Holdings Ltd - NYSE:BABA
I bought two shares of NYSE:BABA for every one share of DVN
-
1- No stop loss.
2- 5x leverage NoT More!
Becareful! Not more than leverage 5.
-
for buying shares:
warning: Only leverage 5, Do Not Take More Than leverage 5.
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Happy Trading!
$DVN Earnings$DVN has earnings Tuesday. I am eyeing a pullback in oil names headed into the week, but a beat could send this to new ATH
$DVN Setting up BUT......In a good market, I will be all over this setup.
But frankly, probably just watching tomorrow vs acting.
Taking on risk buying strength has been suckers game.
$DVN
$DVN Setting Up$DVN has a confluence of down
trending line and horizontal supply line on the right side of its base.
2 more calm days would do the trick and sets up a nice low risk entry.
One to watch.
$DVN with a Bullish outlook following its earnings #Stocks The PEAD projected a Bullish outlook for $DVN after a Negative Under reaction following its earnings release placing the stock in drift D with an expected accuracy of 40%.
$DVN Flag Setup$DVN Flagging in a bull manner.
Worth watching this week. One of the strongest stocks in the energy space.
$DVN #DVN Accumulation of positions by fundsConsecutive 10 of 11 days of green days so far. According to David Ryan Ants' theory may apply but certainly not above average on some days. Watch and see and take the ride up!
DVN PRICE FORECASTDevon Energy Corp. engages in the exploration, development, and production of oil and natural gas properties. It develops and operates Delaware Basin, Eagle Ford, Heavy Oil, Barnett Shale, STACK, and Rockies Oil. The company was founded by J. Larry Nichols and John W. Nichols in 1971 and is headquartered in Oklahoma City, OK.
I think i can find some stocks in the same industry smaller cap but within the billions
that will outperform the 50%- 92% im expecting from DVN
green levels are the targets
the orange levels are levels where we can expect some bearish pullbacks with its growth
dark red levels are worst case senario drops and recovery point (not expecting it for now so dont comment on it)
im doing technical analysis on top pick stocks and their competitors
recommended by followers feel free to suggest my swings leave me with a lot of free time
SENNASEASON
Devon Energy USASun Storm Investment Trading Desk & NexGen Wealth Management Service Present's: SSITD & NexGen Portfolio of the Week Series
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DVNThe chart is very clear - please follow the instructions on the chart
The chart is very clear - please follow the instructions on the chart
The chart is very clear - please follow the instructions on the chart
The chart is very clear - please follow the instructions on the chart
The chart is very clear - please follow the instructions on the chart
The chart is very clear - please follow the instructions on the chart
Devon Energy Corp posts BUY signalDVN posts BUY signal based on this past week's price settlement.
Ideal entry, stop and target imaged on the chart.
Support and Resistance structures have been adjusted accordingly for your reference.
Wishing you a blessed and profitable week ahead.
