For today's chart we've chosen to take a look at Devon Energy Corporation (NYSE:DVN
) because it is testing an influential level of resistance. As you can see from the chart below, the $94 level has prevented the bulls from pushing the stock higher in the past and it will be interesting to see if this story will continue. We expect that the price action over the next few trading days will influence the direction of the stock for the remainder of the quarter. Bearish traders will look for a bounce off the $94 mark and a resultant correction toward the support of the long-term trendline
(currently near $82). Breakout traders will watch for a close above the resistance
and use it to signal a move higher. We'll take another look at this stock next week to see which camp is able to take control of the stock's direction.