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Shares of Devon Energy Fall Below Previous 52-Week Low

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Dec 28, 2012 (52 Week high-lows via COMTEX) -- Devon Energy (NYSE:DVN) traded at a new 52-week low today of $51.31. This new low was reached on below average trading volume as 2.1 million shares traded hands, while the average 30-day volume is approximately 3.5 million shares.

Devon Energy has overhead space with shares priced $51.46, or 29.1% below the average consensus analyst price target of $72.56. The stock should find initial resistance at its 50-day moving average (MA) of $55.06 and further resistance at its 200-day MA of $60.22.

Devon Energy Corporation is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas. The Company also has marketing and midstream operations primarily in North America that include gas, crude oil and NGLs.

In the past 52 weeks, Devon Energy share prices have been bracketed by a current low of $51.31 and a high of $76.34 and are now at $51.46. Over the last five market days, the 200-day moving average (MA) has gone down 0.5% while the 50-day MA has declined 0.9%.

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