From a technical perspective, DVN is bouncing higher here right off its 50-day moving average of $54.99 and is flirting with its 200-day at $56.37 with above-average volume. At last check, DVN has hit an intraday high of $57.16 and volume is well above its three-month average action of 3.83 million shares. This move is starting to push shares of DVN within range of triggering a major breakout trade. That trade will hit if DVN can manage to take out some near-term overhead resistance levels at $58 to $58.53 with high volume.
Traders should now look for long-biased trades in DVN as long as it's trending above $56.69 or above its 50-day at $54.99 and then once it sustains a move or close above those breakout levels with volume that hits near or above 3.83 million shares. If DVN triggers that breakout, then this stock will set up to re-test or possibly take out its next major overhead resistance levels at $61.58 to $62.54.
To see more stocks rising on unusual volume, check out the Stocks Rising on Unusual Volume portfolio on Stockpickr.
-- Written by Roberto Pedone in Madison, Wis.
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