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!
Note
Island bottom reversal invalidated today with gap up closed.
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I am not a licensed professional. None of the posts that I published are investment advice. Do your own research.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.