Watch for high volume on DVN, go long at 58.7

Watch for high volume on DVN, go long at 58.7

A reader requested a stock chart for DVN, here's my technical analysis:

DVN just broke through support at 65 and from support by trendline A and is headed to 61.8 at least. Watch the volume here. If the volume today on DVN is higher or comparable to the volume yesterday, then DVN's drop is not finished and I would wait for it to hit 61.8. If the volume stays high then DVN could hit 58.7. I like DVN as along play at 58.7.

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