Jan. 4 at 9:19 PM
$DVN – Monthly Confluence Long Setup ⛽📈
I entered a position here because DVN is sitting in a structural decision zone. Price is holding the rising base support ray, while it is still capped by the long red downtrend ray above. When price compresses between a rising floor and a falling ceiling like this, the next clean break often sets the direction for the next leg.
Momentum is starting to lean constructive as well. RSI is stabilising and trying to curl up, and stochastic is turning up from the lower range, which can be an early signal that sellers are losing control.
If DVN can keep holding this support and start reclaiming the next trendline level above, the first upside reaction zone sits around the high 40s, and the next major area is around the low to mid 60s. If we lose the rising support ray with conviction, this setup is invalid.
🟢 Setup is only valid while the rising support ray holds
No financial advice.
