Devon Energy — Where the chart is heading

Devon Energy — Where the chart is heading. Picture by the author using Tradingview and Canva

The weekly chart

Devon Energy weekly chart. Picture by the author using Tradingview

In the DVN weekly chart, we can see it broken upward of the long term bearish trend line upward and now moving into a long term bullish area of the chart.

Price recently crossed above an important area at 58.4–60.5 and it’s the immediate support area for the current price.

The Daily Chart

Devon Energy daily chart. Picture by the author using Tradingview

In the daily chart, we can see price is forming a convergence trending channel. Pattern breakout has not happened yet, but considering the price movement, it will continue upward with a short-term target of 77.3–79.3 area.

Price is continuing with the support of 20/30 MA indicates the healthy continuation of the short-term bullish trend.

In the DVN chart, we can see the 43.0–45.4 area as the best long-term support zone where is good to enter for a long-term position. Price Holding above that area is the validation for the long-term bullish trend.