In trading on Tuesday, shares of
In the case of Devon Energy Corp., the RSI reading has hit 28.7 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 45.4, the RSI of WTI Crude Oil is at 35.2, and the RSI of Henry Hub Natural Gas is presently 56.0.
A bullish investor could look at DVN's 28.7 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.
Looking at a chart of one year performance (below), DVN's low point in its 52 week range is $57.20 per share, with $80.63 as the 52 week high point — that compares with a last trade of $70.45. Devon Energy Corp. shares are currently trading down about 1% on the day.
According to the ETF Finder at ETFChannel.com, DVN makes up 4.95% of the Unconventional Oil & Gas ETF (AMEX: FRAK) which is trading lower by about 0.3% on the day Tuesday.
Special Offer: Find out what Frank Bifulco is holding in the Dividend OverDrive Portfolio with a free 30 day trial and a 20% off coupon from Forbes