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Devon Energy (DVN) Approaches New Downside Target of $51.21

Print Share

Dec 28, 2012 (SmarTrend(R) News Watch via COMTEX) -- Devon Energy (NYSE:DVN) has opened bearishly below the pivot of $52.07 today and has reached the first level of support at $51.74. Analysts will be watching for a cross of the next downside pivot targets of $51.21 and $50.35.

Devon Energy (NYSE:DVN) has potential upside of 41.5% based on a current price of $51.51 and analysts' consensus price target of $72.90. Devon Energy shares should first meet resistance at the 50-day moving average (MA) of $55.06 and find additional resistance at the 200-day MA of $60.22.

Devon Energy share prices have moved between a 52-week high of $76.34 and a 52-week low of $51.49 and are now trading 0% above that low price at $51.51 per share. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.9% while the 200-day MA has slid 0.5%.

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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Copyright, Comtex News Network, Inc. 2012

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