Nick Santiago / InTheMoneyStocks.com
This afternoon, most of the leading natural gas stocks are coming under some selling pressure. Devon Energy Corp. (DVN) is considered to be one of the leading natural gas stocks in the sector. Today, DVN stock is trading lower by 0.59 cents a share. The stock still appears to be very weak on the daily chart, trading below the important 50, and 200-day moving averages.
A case can be made that DVN stock is consolidating in a bearish manner on the daily chart for the past three weeks. DVN will have daily chart support around the $50.00, and $45.00 levels in the near term. These would be your swing trading or multiple day hold entry points.
Some other natural gas stocks that are also declining lower today include Southwestern Energy Co. (SWN), and Chesapeake Energy Corp. (CHK). All of these stocks seem to be coming under selling pressure on a day when natural gas is declining. Today, the United States Natural Gas Fund (UNG) is trading lower by 2.70 percent. Keep an eye on the DVN support levels as they should present a great opportunity for short term swing profits.
Chart Of Day: DVN Devon Energy Corp. Support Levels: Daily chart support for swing trades at $50.00, and $45.00 levels