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Possible Bearish Inside Day Candle Pattern Detected for Anadarko Petrole (NYSE:APC)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Anadarko Petrole (NYSE:APC) based on the price action in the company's shares. Today's price range of $72.94 and $73.12 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Anadarko Petrole may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Anadarko Petrole has overhead space with shares priced $73.06, or 5.1% below the average consensus analyst price target of $77.00. Anadarko Petrole shares have support at the 50-day moving average (MA) of $71.48 and additional support at the 200-day MA of $57.29.

Anadarko Petroleum Corporation operates as an oil and gas exploration company. The Company acquires, explores, develops, produces, and markets oil and natural gas. Anadarko Petroleum serves customers globally.

In the past 52 weeks, shares of Anadarko Petrole have traded between a low of $40.40 and a high of $76.23 and are now at $73.06, which is 81% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Anadarko Petrole on April 8th, 2019 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $47.28. Since that recommendation, shares of Anadarko Petrole have risen 54.7%. We continue to monitor APC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle anadarko petrole

Ticker(s): APC