Weekly Update

Stock Focus: Shares of Devon Energy Corporation (NYSE:DVN) in Spotlight

Devon Energy Corporation (NYSE:DVN) shares closed the most recent session at $31.32, moving -2.04%. The company shares touched $31.10 as the high point and dipped down to as low as $30.44. In comparing the current level to Devon Energy Corporation Common’s moving averages, the price sits -13.88% off its 50-day moving average of $35.62 and -26.74% away from the stock’s 200-day moving average which is $41.88.

A moving average is the average price of a stock over a given time frame. With price movements smoothed out, traders can more easily identify true trends and use them as potential indicators of future price levels. If the current stock price is above the moving average, the average can serve as a support point, keeping the stock price above it. On the other hand, if a stock is trading below a moving average, that average can also serve as a strong resistance, preventing the stock from breaking through it. 

Shares have been recently noted at -13.88% away from the 50 day moving average of $35.62. Keeping an eye on the stock price relative to its moving averages may be useful when trying to figure out share movement in the future. When the stock is trading above the moving average, the moving average might offer a level of support. When the stock is trading below a moving average, the average may provide a level of resistance.

It may be helpful to follow analyst views on company stock. Covering analysts issue reports which often provide stock target prices. The company currently has a target price of $50.79. This consensus target price includes projections from analysts polled by First Call.

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