DVN Devon Energy - Head & Shoulders Bottom Nearly Complete
There is a clearly visible HEAD & SHOULDERS BOTTOM pattern in Devon Energy Corp (DVN, nyse). Note the classic signs of a bottom with price and volume patterns.
#1. The highest volume of selling is in the left shoulder, which is the longest time ago.
#2. Much less selling pressure in the head, again indicating a reduction in selling pressure.
#3. Right shoulder builds time on lower volume still. Note the extremely low volume in today's session.
I drew the head as a blue-circle to show you a concept to confirm a pattern known as the H&S. I believe it is important to find a big enough trend prior to the pattern to create a REVERSAL of trend. This is a reversal pattern.
Note the same pattern at the high this past winter-spring above $84 in DVN. I hope you found that pattern too.
By: Technical Tim, Nov 17, 2011 11:46PM EST
#1. The highest volume of selling is in the left shoulder, which is the longest time ago.
#2. Much less selling pressure in the head, again indicating a reduction in selling pressure.
#3. Right shoulder builds time on lower volume still. Note the extremely low volume in today's session.
I drew the head as a blue-circle to show you a concept to confirm a pattern known as the H&S. I believe it is important to find a big enough trend prior to the pattern to create a REVERSAL of trend. This is a reversal pattern.
Note the same pattern at the high this past winter-spring above $84 in DVN. I hope you found that pattern too.
By: Technical Tim, Nov 17, 2011 11:46PM EST
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Subscribe to my indicator package KEY HIDDEN LEVELS $10/mo or $100/year and join me in the trading room KEY HIDDEN LEVELS here at TradingView.com
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.