theopportunist_trader

Earnings Flag Breakout?

NYSE:DVN   DEVON ENERGY CORP
DVN previously has produced a head and shoulders patterns, hence the decrease in stock price for the long period. But, recently the stock broke out of its flag pattern and it is also earning report day for DVN today. So, there is an opportunity. I have put the Long order at the next fibonacci level, as that will provide support and resistance . The Long take-profit is till the 50 MA. The Short order is until the next lower fibonacci level.
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