Soaring natural gas prices are helping shares of Devon Energy Corp. ( DVN) get closer to a new 52-week high. In our Jan. 13 review of DVN we recommended that traders could go long DVN "at $55 or better, risking to $43 for now. Our price targets are $81, then the round number of $100 and finally $111." The trade is working, nicely and traders could raise stops to $51 from $43. 
Let's check the charts again.
In this daily bar chart of DVN, below, we can see that prices remain in an uptrend. Prices have successfully tested the rising 50-day moving average line in January and March and April. The trading volume does not show me a clear rising pattern, but the On-Balance-Volume (OBV) line has stayed in an uptrend, telling us that buyers of DVN are more aggressive. The Moving Average Convergence Divergence (MACD) oscillator is testing the zero-line and is likely to cross to the upside for a buy signal.
In this weekly Japanese candlestick chart of DVN, below, we see a positive looking picture. Prices are in a longer-term uptrend above the rising 40-week moving average line. The recent lower shadow tells me that the lows are being rejected and the path of least resistance is up. The OBV line has been pointed higher the past three years and that is a powerful bullish argument. The Moving Average Convergence Divergence (MACD) oscillator is well above the zero-line, but we are seeing a probable temporary crossover to a take-profit sell signal.
In this daily Point and Figure chart of DVN, below, we can see an upside price target of $78.
In this weekly Point and Figure chart of DVN, below, we used close only price data. Here the chart yields a $73 price target, which is lower than the daily target.
Bottom line strategy: Continue to hold longs from earlier recommendations. Raise stops to $51 and look for gains to the $73-$78 area for starters. Longer-term we could see much higher prices.
