Devon (DVN) Breakout?

Devon (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, and the upside may prove to be higher than originally imagined.

2014-05-07-DVN_CHARTS

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

***UPDATE: Upon looking more closely at these charts, I noticed that my trendline changed bewteen 2012 and 2014!  Notice that the 2009 bottom hits support in the 2012 chart, but does not hit support in the 2014 chart.  So I went back and redrew the lines.  In this chart, the 2014 line is red-dashed.  The original 2012 line is black solid.  In this picture, DVN is not a breakout candidate yet.

2014-05-08-DVN_CHARTS

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