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Devon Energy - Set to target $47.50

by Tim Straiton
Saturday 2nd October 2021

The price of Devon Energy is 36.81 and currently the best performer in the S&P 500 over the past 40 weeks. The 14 day relative strength index is now in an overbought area at 75.6%. This stock is trading 13.56 percent above its 200 day moving average. This level has in the past provoked a bout of profit taking which could bring the stock back to the lower 30's in the short term. This price area should be regarded as a buying opportunity.

The Fibonacci 38.2% retracement level from the low based on the entire 114.29 - 6.25 range comes in at 47.52 and can be regarded as an initial upside target. Goldman Sachs has upped its Brent target for the end of the year towards the $90 per barrel area which is also supportive for oil stocks in general.

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