>>> Of course who would expect EOG DVN to slide down with the NG future strip where it is. <<<
Me.
If you'll recall, I mentioned DVN was a sell a month ago, when it peaked at 49.80, over on the Yahoo RIG board. If I recall, the call caught quite a few people by surprise and several commented that with the huge draws expected, my analysis was wrong.
The charts don't lie when you know what to look for.
stockcharts.com[h,a]daclyiay[pb50!b200!b10!i!f][vc60][iut!Lh14,3!La5,17,9!Lg10]&pref=G
DVN looks like it is trying to find a bottom, but I'm not ready to buy it yet, based on what I see in the indicators.
Here was my sell recommendation and the reasons behind it on 12/9.
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OT - Time to sell DVN?
by: dabum_jv2 12/09/02 05:14 pm
Msg: 33289 of 34322
Today DVN gapped up at the open. It then ran into resistance as it hit it's highest level of overhead supply. We saw above average volume on DVN today, but the price pulled back. This usually indicates what is known as an exhaustion gap.
The odds say to sell exhaustion gaps. I'll play the odds and if it continues higher, so be it. The objective is to trade well. Capture a majority of the price move in a limited amount of time, thus managing risk.
I'm not suggesting others should sell their position. I'm merely explaining why I'm selling mine. I wouldn't have mentioned it, except I said I was holding it and I thought I'd mention where I sell it and why.
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dabum |
