Devon Energy Corporation Stock Code DVN.NYS
Outlook
Price moved into the cloud and stayed within the cloud for 3 days but was unable to move above the cloud despite a rally in the Dow index and crude oil price. Price closed at the edge of the cloud yesterday and could be moving lower. Conversion and Base are both flat but have not crossover as yet. Price was unable to break above a resistance point 3 days ago. MACD is bullish at the moment, but its histogram shows MACD is weak. The cloud area is thick and large and we think with a weak momentum, price is unlikely to able to move above the cloud. Price could be heading lower to test the previous low of $19.75.
Strategy
$22.40 Short Sell
$19.80 Price Target
$23.50 Risk Management Stop
3 weeks Trade Duration
Marathon Oil Corp Stock Code MRO.NYS
Outlook
Price tested the cloud 3 days ago, but for 2 days was unable to move beyond the edge of the cloud. Yesterday, price moved below the cloud, confirming the bearish trend. Both Conversion and Base lines had a bearish crossover earlier as well, reinforcing the bearish trend Lagging Span is below the cloud, confirming the bearish trend. MACD has turned bearish with both its lines below the zero line. Price could be heading lower to the previous low of $$11.06.
Strategy
$11.95 Short Sell
$11.06 Price Target
$12.45 Risk Management Stop
3 weeks Trade Duration
