DVN's accumulation/distribution pipeline looks excellent; after 6 or 7 months of consolidation under major resistance at 51 and 51.5 and a test of the 20-day moving average, a break above $52 could let it start to take off strongly again.
Bullish
“The Setup for a Year End Rally Is Getting Stronger”
StockCharts TVPublished Oct 22 · 1 passage
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The last energy sector stock I'll introduce to you is Devon Energy, and its accumulation and distribution pipeline is excellent. Another stock, somewhat similar to the chart I showed you for VeriSign, where we have multiple peaks at the 51 level, and the 51.5 level has been a major resistance.
We have dropped, and tested the 20-day moving average again. If this stock can break above $52 after 6 or 7 months of consolidation, it may start to take off again strongly.
Watchpoints
price break above $52