Million

Resistance

<ul class="list-ic vertical">
 <li><span>1</span> <a>Devon Energy stock price slumped nearly 12% in the last five intraday sessions.</a></li>
 <li><span>2</span> <a>Devon Energy share (NYSE: DVN) price trades below the key moving average of 50-day and 200-day.&nbsp;</a></li>
 <li><span>3</span> <a>The daily chart illustrates the breakdown of a symmetrical triangle pattern.&nbsp;</a></li>
</ul>
<p>Devon Energy Corp. stock price witnessed a free fall for the past five intraday sessions. The DVN stock has wiped more than 12% in the period and shows no signs of recovery till now.<br><br>The daily chart illustrates the breakdown of a symmetrical triangle pattern formed near the lows. The breakdown of which initiated a free fall and the price ended up losing more than 12% till now.<br><br>The price trend analysis shows the stock has been on a losing streak for the last four consecutive quarters. The price is down 20% in the span of six months and over 30% on a year-to-date basis. The stock is nearing a major support of $40 which may halt the price decline.<br><br>However, the Devon Energy company might show gains in the upcoming sessions after the news that OPEC+ plans to cut its oil output by over 1 Million barrels per day until the end of the year, boosting crude prices by 15% in the last three months to $90 per barrel. OPEC+ wants to keep oil prices high, which benefits oil companies by increasing their cash flow.</p>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="544" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-1024x544.png" alt="Devon Energy Stock May Surge As OPEC+ Plans To Reduce The Supply" class="wp-image-173783" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-1024x544.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-300x159.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-768x408.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-750x398.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121-1140x606.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-121.png 1453w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   &nbsp;Source: barchart.com
  </figcaption>
 </figure>
</div>
<p><a href="https://www.thecoinrepublic.com/2023/09/26/dvn-stock-price-analysis-will-devon-stock-rebound-from-46/" target="_blank" rel="noopener noreferrer nofollow">Devon Energy stock</a> derivatives data analysis states that the current implied volatility in the market is 39.45% with an increment of 0.95% in the last trading session. The at-the-money strike price has 232 open contracts on the PUT side and 58 open contracts on the CALL side indicating the dominance of buyers at the CMP.&nbsp;&nbsp;</p>
<h2 class="wp-block-heading" id="strong-devon-energy-stock-price-forecast-for-2023-strong"><strong>Devon Energy Stock Price Forecast For 2023</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-1024x456.png" alt="Devon Energy Stock May Surge As OPEC+ Plans To Reduce The Supply" class="wp-image-173782" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-120.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: DVN 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The average analyst price target for Devon Energy stock in 2023 is $61.19, which represents a potential upside of 42.81% from the current price. However, there is a wide range of analyst price targets from $50 to $81.</p>
<p>The most optimistic analysts believe that Devon Energy stock could reach $81 in 2023 if global oil consumption grows strongly and Devon Energy is able to successfully increase its production.</p>
<h3 class="wp-block-heading" id="strong-technical-indicators-signal-bearish-trend-continuation-strong"><strong>Technical Indicators Signal Bearish Trend Continuation</strong></h3>
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img decoding="async" loading="lazy" width="1024" height="456" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-1024x456.png" alt="Devon Energy Stock May Surge As OPEC+ Plans To Reduce The Supply" class="wp-image-173781" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-1024x456.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-300x134.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-768x342.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-1536x684.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-750x334.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119-1140x508.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/10/image-119.png 1600w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: DVN 1D. NYSE By <a href="https://www.tradingview.com/x/3wB4g70u/" rel="noopener noreferrer nofollow">TradingView</a>
  </figcaption>
 </figure>
</div>
<p>The overall technical indicators including RSI and MACD opinion rating for the <a href="https://www.thecoinrepublic.com/2023/08/22/dvn-stock-prediction-2023-sell-devon-before-it-is-too-late/" target="_blank" rel="noopener noreferrer nofollow">DVN stock</a> is an 88% “sell” with a weakening short-term outlook on maintaining the current trend.&nbsp;&nbsp;</p>
<h4 class="wp-block-heading"><strong>Conclusion</strong></h4>
<p>Devon Energy stock price fell 12% in five days after breaking a symmetrical triangle pattern. The stock is down 20% in six months and 30% in a year. The stock may find support at $40 and benefit from OPEC+’s oil output cut, which boosts crude prices and cash flow for oil companies. Analysts have a wide range of price targets for Devon Energy stock in 2023, from $50 to $81, with an average of $61.19, which implies a 42.81% upside potential from the current price.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support Levels:</strong> $42.85 and $40.13</li>
 <li><strong>Resistance Levels:</strong> $46.52 and $49.10</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.&nbsp;</p>

Devon Energy Stock May Surge As OPEC+ Plans To Reduce The Supply

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