Today’s instrument is Devon Energy Corp.’s stock traded in the NASDAQ exchange under the ticker DVN. 

When we look at the DVN‘s chart, we see its steady climb from the $50.50 range at the start of last week, well into the $54 price range where it stabilized and also reached as high as $55. However, during yesterday’s session there was near 6% retraction from the $54.5 down to the $51.5 level, attempting consolidation in the $52 region, possibly due to anticipation for the earnings announcement. 

Devon Energy Corp. has scheduled a quarterly earnings announcement today 15/02/2022. If earning expectations are surpassed, we could expect the price to move upwards, towards the $58 price range.

It was last found trading at $52.28 with the closest overhead resistance of $54 and the closest support level at $51.5.

Today we can expect a consolidation at the current level or a move towards $55 resistance.

If however, it doesn’t manage to hold on to the current level then a move towards the $162 support can be expected.

(Click on image to enlarge)