The 18-year-old came agonisingly close to scoring a last-gasp equaliser at stadium:mk but was denied by the fingertips of David Martin.
Davis has identified Colclough as his side's main goal threat and believes there is a lot more to come from the versatile forward.
He told the club's official website: "I thought Ryan was good. He was our main threat again. To be fair he has been our main threat throughout pre-season. He always looks capable of doing something.
"I still think his best position could be off the front but we have a few players whose best position is there. Ryan can go through the middle but to get in the team he is having to play on the wing at the moment.
"I have a decision to make with him going forward but he is still young and still learning. He has got to be better in defensive areas but he is still learning the game and we have to excuse that sometimes because of his inexperience."