Reference Points for Devon Energy

Published on Friday, 10 February 2012 07:08 Written by TradersHuddle Wire

New York, February 10th (TradersHuddle.com) - Shares of Devon Energy Corporation (NYSE:DVN) closed the trading day at $66.23 close to its 50 day moving average currently set at $64.00. Devon's price action is just above this important support level translating into a trading opportunity.

Devon Energy Corporation (NYSE:DVN) is an independent energy company that is involved primarily in oil and gas exploration, development and production, the transportation of oil, gas, and NGLs and the processing of natural gas.

Looking at peaks and troughs horizontal support and resistance levels, we can see current calculated support at $62.81 and calculated resistance at $66.61. These levels should also be evaluated by traders when planning their trades, as they provide an insight into the latest price action.

Traders wanting to establish a position on Devon Energy will be looking at the price action for evidence of buying near the 50 day moving average, and opening a position as close as possible to this important level. Also traders will be looking at the latest price action, via the stocks current range previously defined for insights of other key levels that might affect their upside or downside.