Technically Speaking For January 14: Devon Energy Corporation (DVN), Simon Property Group, Inc. (SPG)

Devon Energy Corporation (DVN) rose 7.29% this week, a trend that has led to both investors and traders taking note of the stock. Over the past one year, the equity price has embarked on a drop that has seen it decline -37.51% and is now up by 16.95% since start of this year. A look at its monthly performance shows that the stock has recorded a -1.46% fall over the past 30 days. Its equity price dipped by -29.33% over the past three months which led to its overall six-month decrease to stand at -40%.

A look at DVN technical analysis shows that its 14-day Relative Strength Index (RSI) is in a neutral zone after reaching 53.78 point. Its trading volume has lost -649037 shares compared to readings over the past three months as it recently exchanged 7810963 shares. This means there is reduced activity from short-term traders as per session, its average trading volume is 8460000 shares, and this is 0.92 times the normal volume.

The price of Simon Property Group, Inc. (NYSE:SPG) currently stands at $172.35 after it went down by $-1 or -0.58% and has found a strong support at $170.89 a share. If the SPG price drops below that critical support, then it would lead to a bearish trend. In the short-term, a dip below the $169.42 mark would also be bad for the stock as it means that the stock would plunge by 1.7% from its current position. However, if the stock price is able to trade above the resistance point around $173.5, then it could likely surge higher to try and break the upward resistance which stands at $174.64 a share. Its average daily volatility over the past one month stands at 2.71%. The stock has plunged by 1.03% from its 52-weeks high of $170.57 which it reached on Nov. 12, 2018. In general, it is 15.42% above its 52-weeks lowest point which stands at $145.78 and this setback was observed on Apr. 25, 2018.

Analysts have predicted a price target for Simon Property Group, Inc. (SPG) for 1 year and it stands at an average $196.9/share. This means that it would likely increase by 14.24% from its current position. The current price of the stock has been moving between $170.57 and $173.18. Some brokerage firms have a lower target for the stock than the average, with one of them setting a price target as low as $180. On the other hand, one analyst is super bullish about the price, setting a target as high as $216.

The SPG stock Stochastic Oscillator (%D) is at 93.34%, which means that it is currently overbought and its prices could dip very soon. The shares P/S ratio stands at 9.87 which compares to the 10.23 recorded by the industry or the 6.1 by the wider sector. The stock currently has an estimated price-earnings (P/E) multiple of 23.44, which is higher than the 23.28 multiple of 12-month price-earnings (P/E). The company’s earnings have gone up, with a quarterly increase rate of 8.2% over the past five years.

Analysts view Simon Property Group, Inc. (NYSE:SPG) as a Buy, with 2 consensus rating. Reuters surveyed 20 analysts that follow SPG and found that 6 of those analysts rated the stock as a Hold. The remaining 14 were divided, with 14 analyst rating it as a Buy or a Strong Buy while 0 analysts advised investors to desist from buying Simon Property Group, Inc. (SPG) shares or sell it if they already own it.