TwinTrader.com announces the publication of Breakout for DVN; highlighting public companies on the move and what’s behind the surge.
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“Devon Energy Corp. and its subsidiaries primarily engage in oil and gas exploration, development and production; the transportation of oil, gas and natural gas liquids; and the processing of natural gas. The company owns oil and gas properties principally in the Permian Basin within Texas and New Mexico; the Mid-Continent area of the central and southern United States; the Rocky Mountains area of the United States; the offshore areas of the Gulf of Mexico; and the onshore areas of the Gulf Coast, principally in south Texas and south Louisiana…
“Many analysts and chart technicians believe the pullback in oil has reached bottom at just above its 50-week moving average. Oil bulls that want leverage to the price of oil have invested in exploration companies such as Devon Energy. Investors encouraged by this week’s turnaround in the price of oil have jumped back into stock, pushing the stock to breakout…
“The stock has held above its breakout level, and is retesting the 200-day moving average. RSI is neutral and trending upward. MACD has remained bullish since early August, and has room still for further upside...”
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