Devon Energy Set to Possibly Rebound After Yesterday's Selloff of 2.12%

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Dec 28, 2012 (SmarTrend(R) News Watch via COMTEX) -- Devon Energy (NYSE:DVN) traded in a range yesterday that spanned from a low of $51.10 to a high of $51.93. Yesterday, the shares fell 2.1%, which took the trading range below the 3-day low of $51.55 on volume of 3.2 million shares. Often times after large one-day declines, short-term traders may play for some degree of mean revision.

In the past 52 weeks, shares of Devon Energy have traded between the current low of $51.10 and a high of $76.34 and are now at $51.15. Over the past week, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Devon Energy on October 24th, 2012 by issuing a Downtrend alert when the shares were trading at $59.36. Since that call, shares of Devon Energy have fallen 12.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Write to Chip Brian at cbrian@mysmartrend.com

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