$DVN - AB=CD + Potential island bottom reversal

23 Mar 2023

DVN have a chance of Island bottom reversal on top of AB=CD pattern that I posted a few days ago. Island bottom is formed when the price gapped down at the end of down trend and gapped up around same gap down area leaving air pocket see rectangle 1 and 2.

However, the pattern invalidates, if the gap up closes. If you look at rectangle 1, you can see the stock shot up after island reversal. We are at rectangle 2. Lets hope it does the same!

23 Mar 2023

Not

Island bottom reversal invalidated today with gap up closed.