Uptrend Spotted in Shares of Devon Energy Corporation (NYSE:DVN)
Shares of DVN, which were down throughout August, have risen throughout September, and appear to be breaking out to continue the trend higher. Based on Fibonacci analysis, look for DVN to test $67.14 before rising to $71.85 in the short term. The Fibonacci retracement suggests an entry point at $67.14, once it has been established as a true support level.
In the long term, DVN has a P/E ratio 12.13, making it a good value pick, and, on average, it has received a "buy" rating from analysts, with an average price target of $78. For more on analyst estimates, see this page: http://www.marketwatch.com/investing/stock/DVN/analystestimates.
Remember that past performance does not guarantee future results. The intelligent investor will do his own research before purchasing securities.
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