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- 1 Devon Energy Corporation. ( NYSE: DVN) stock’s 52-week price range is around $44 – $78.
- 2 DVN stock was traded earlier in a downward trend and was facing negativity in the past sessions.
DVN is an independent energy company that operates in the United States. It searches for, develops, and produces oil, natural gas, and natural gas liquids. It has operations in Delaware, Anadarko, Williston, Eagle Ford, and Powder River Basin. The company was founded in 1971 and is based in Oklahoma City, Oklahoma.
Devon Energy Corporation’s (DVN Stock) price has been facing selling pressure in the previous sessions and has corrected significantly. Moreover, the DVN stock price is trading above the key moving averages and near the resistance zone of $56. The price action signals bearish dominance overall, and the stock is in a downtrend and trying for a breakout in a symmetrical triangle, indicating that the stock may rise if it sustains the CMP which is at breakout level,if it fails to succeed then the DVN stock might revisit the demand zone of $44 these are the probable outcomes for the next sessions.
In the past months, DVN stock reported Q2, 2023 invited a profit booking for time being which eventually reversed in few days and consolidated. Based on recent data, the revenue of Q2, 2023 was $3.49 Billion with a net income of 687.00 Million. Moreover, the SLB stock estimated EPS for Q2’ 23 was 1.176, and the reported EPS was 1.18 which gave a positive surprise of 0.38%. Moreover, the forecasted EPS for the next quarter is positive at 1.385.
At press time, DVN stock price is trading at $53.50 with an intraday rise of 1.10% showing slight positivity in the overall downtrend chart. Moreover, the trading volume is higherthan the 10-day aggregate moving average of 6.63 Million. The market cap is $34.277 Billion. However, analysts maintained a buy rating and a highest yearly target of $79, while the stock persists in giving negative returns, -2.41% for six months, and -24.24 yearly.
DVN stock’s next dividend will be on September 14th, 2023. The amount that DVN stock will pay is going to be $0.49 and the payment date will be September 29th, 2023.
Technical Analysis of DVN stock over Daily Time Frame(1-D)
On observing the daily charts, DVN stock formed a neutral pattern which is a symmetrical triangle pattern. The DVN price hovering near the lower trendline highlights the dominating pressure of sellers.
Moreover, case 1 & case 2 indicate that since the price at breakout level of symmetrical triangle if the price sustain and breaks the upper trendline with thrust, the resistance level of $56 could be retested. However, On the contrary, if it fails and stock slips below the trendline, it will head for $44.
According to the Fib levels, the DVN stock price is trading near the 38.20% level and showing slight bullishness on the charts.
At the time of publishing, RSI turned bullish and is on 66 above 14 SMA and MACD has a slim gap suggesting neutrality.
Summary
Devon Energy Corporation. (NYSE: DVN) stock prices are neutral to bullish on the 1-D time frame. Devon Energy Corporation’s (DVN stock) price is trading above the 20-day and 50-day EMA. The price action for Devon price predicted as neutral to bullish outlook is available at the time of publishing, Also on further note a neutral pattern seems to have occurred which is a symmetrical triangle. The technical analysis tools of Devon stock price also support neutrality.
Technical Levels
- Support levels: The nearest support levels for DVN price are $44 and $39.
- Resistance levels: The nearest resistance levels for the Devon stock price are $56 and $63.
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Adarsh Singh is a true connoisseur of Defi and Blockchain technologies, who left his job at a “Big 4” multinational finance firm to pursue crypto and NFT trading full-time. He has a strong background in finance, with MBA from a prestigious B-school. He delves deep into these innovative fields, unraveling their intricacies. Uncovering hidden gems, be it coins, tokens or NFTs, is his expertise. NFTs drive deep interest for him, and his creative analysis of NFTs opens up engaging narratives. He strives to bring decentralized digital assets accessible to the masses.
