Two Energy Stocks Consolidating

Two companies in the independent oil and gas sector have been consolidating at key support levels and may be preparing for breakout moves.

Devon Energy (DVN) began trending lower in a declining triangle pattern after making a high in October last year. It found support in a zone between $59 and $58, just above the 200-day moving average and the 50% retracement level of the 2013 high and low. The stock price has broken above the triangle downtrend line and above the 50-day moving average. This area is also the 62% retracement level of the 2013 range. The relative strength index is above its centerline, moving average convergence/divergence has made a bullish crossover and Chaikin money flow is entering positive territory....174 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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