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DVN Breaking Out?

|Includes:Devon Energy Corporation (DVN)

Devon (NYSE:DVN) reported good earning and is being rewarded. On the chart, this isn't just any old good day though. It looks like DVN is attempting to break out of a pennant pattern that dates back to 2008. I noted the technical support in a post last year when it was trading around 50, and the upside may prove to be much higher than I originally imagined.

The chart I posted last year shows that the support line actually dates back to the early 90's.

Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours.

Stocks: DVN