New York, May 9th (TradersHuddle.com) - Shares of Devon Energy Corporation (NYSE:DVN) are trading very close to calculated resistance at $59.49. The stock ended the trading session at just $58.12, which is near levels that make it difficult to buy or start a position.
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.
Devon's stock range is defined by its calculated support defined at $50.81 and by the resistance level at $59.49; the stock is clearly over-extended from support, making it harder for participants to establish fresh longs.
Traders don't have a clear entry point for Devon Energy. However, as the stock pulls back towards $50.81 it will definitely provide a reference point to establish a trade. On the other hand, if the stock breaks above its resistance level at $59.49 then traders will get an opportunity to enter the stock as it moves to a higher range.
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