Wednesday, April 4, 2012


Watchlist Addition April 4th:  Devon Energy (DVN) - Pullback to MA support after a high volume breakout a few months ago.  For an aggressive entry buy now.  For a more conservative entry wait until a break above the red resistance line at $73.00 for entry.  Company just announced they're increasing cap-ex spending by $1 billion for 2012.

UPDATE 4/10:  DVN broke below support on the broad market sell off today.  If you took the aggressive entry at the trendline support on April 4th you should have closed the trade for a small loss today.  Still a good long opportunity, but wait for a better setup.  I will be revisiting this one soon.


disclosure: no position in DVN yet.