Watch List: Devon Energy $DVN Mid month DVN put i
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Watch List: Devon Energy $DVN
Mid month DVN put in a low at 52 bucks, had a bit of a bounce, and is moving sideways. This is a company I have been watching as it made the news here in Houston when it decided to shut down it's offices and being laying people off December 31st.
It may be putting in an intermediate term low and basing for a move right now, but I'd like to see some more selling before year end before starting a position
Weekly chart shows some very good support at 50 bucks. Like I said, it looks like it's trying to make a move off of the lows already and it is already near the bottom of the chart, but I'm in no rush to jump in if I can get this a bit lower.
If 50 can't hold you can see a major pivot off the 40 dollar level on the chart which would be next downside target.
[IMG]http://i.imgur.com/hRESw.png[/IMG]
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