DVN stock price marked a high of $78.75 in October 2022 but could not maintain it and started to fall, resuming the downtrend until now which shows further weakness in the market.
According to the current situation, the market is trading below the major support levels which can further lead to lower levels. The market is also in a downtrend based upon a larger timeframe as it is making lower lows.
Devon Energy stock has been declining from its high levels and making lower-low structures. It is currently in a downtrend after breaking below the 50-day and 200-day moving averages. If DVN cannot stop the bearish pressure, it may form a new lower-low pattern shortly and prolong the downtrend.
The current scenario requires traders and investors in DVN stock to be patient and look for a clear break below or above the range before making any moves and avoid the fear of missing out to minimize losses.
Devon Energy’s stock price rose 0.02% last week and declined by -2.84% throughout the month. Furthermore, DVN shares experienced a drop of roughly 6.59% within the past six months and a decrease of -25.98% over the past year.
Additionally, the DVN share price has slipped by approximately -17.39% year-to-date. These trends collectively indicate the challenges faced by Devon Energy shares price in their recovery efforts throughout the year.
Technical Analysis of DVN Stock Price in 1-D Timeframe
On the daily charts, Devon Energy stock shows sellers’ dominance and slipped below neutrality, showing a negative scenario on the charts. Moreover, the price is heading toward the 50% Fib level and near the middle Bollinger band.
The price of Devon Energy is currently at a crossroads. It could go up to $56.14 and $54.24 if it can maintain the current level. However, if the price cannot maintain this level and falls, it might hit the closest support levels of $48.38 and $46.83.
At the moment, Devon Energy stock (NYSE: DVN) is trading below the 50 and 200-day EMAs (exponential moving averages), which are not supporting the price trend. If bulls want to make a bounceback, they will have to rise and sustain the price above the 50 and 200-day EMA. However, the sellers seem to be more aggressive in DVN stock as compared to buyers.
The price of DVN is currently trading near the support levels. If selling pressure increases, the price could break through these levels and move lower. This would be a bearish signal, as it would suggest that the trend is reversing.
The current value of RSI is 49.56 points. The 14 SMA is above the median line at -42.27 points which indicates that the Devon Energy stock is bearish.
The MACD line at -0.4119 and the signal line at -0.5094 are above the zero line. A bearish crossover is observed in the MACD indicator which signals more bearishness for the DVN stock price.
Summary
Devon Energy’s stock price prediction suggests a mild bearish in the chart. The sellers are dominating on the higher levels. Devon Energy (NYSE: DVN) technical oscillators also support the bearish trend. The MACD, RSI, and EMA are emphasizing negative signs and imply that the downtrend may continue in the DVN stock price. Devon Energy Price action suggests that the investors and traders are bearish on the 1-D time frame. The technical analysis suggests that the Devon Energy stock price is in a bearish grip and the probability of testing the previous highs in the coming months remains low.
Technical Levels
- Support Levels: $48.38 and $46.83
- Resistance Levels: $56.14 and $54.24.
Disclaimer
The analysis provided in this article is for informational and educational purposes only. Do not rely on this information as financial, investment, or trading advice. Investing and trading in stock involves risk. Please assess your situation and risk tolerance before making any investment decisions.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/22/dvn-stock-prediction-2023-sell-devon-before-it-is-too-late/