Today’s instrument is Devon Energy Corp.‘s stock traded on the NYSE exchange under the ticker (DVN).
When we look at the DVN ‘s chart, we can see its support formation at the $53 range after the fall from the $56 level on the 23rd of April, and the steady climb from there on, initially in the $57 range and reaching as high as $61 which is now deemed as the overhead resistance. It was last found trading in the $58.14 range having the closest support level at the $56.
Devon Energy Corp. has scheduled a quarterly earnings announcement today 02/05/2022. If earnings expectations are surpassed, we could expect the price to move upwards, towards $65.
Today we can expect a move towards and above the $61 resistance level.
If however, it doesn’t manage to hold on to the current level then a move towards and below the $56 closest support level can be expected.
(Click on image to enlarge)
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