Devon Energy (DVN) dropped by as much as 11% on Wednesday morning after missing Wall Street’s estimates for earnings. The company reported earnings per share of $0.38 and total revenue of $3.98 billion, missing expectations for earnings of $0.60 and beating revenue expectations of $3.52 billion.

As can be seen on the chart below, DVN broke the low for its current market cycle three weeks ago. Based on an analysis of its market cycles, our projection is for support at $28.80, based on the 61.8% Fibonacci retracement. The market cycles are designated by the black semicircles at the bottom of the chart.

DVN Chart with Weekly Bars