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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Anadarko Petroleum (NYSE:APC) based on the price action in the company's shares. Today's price range of $53.28 and $53.55 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 Petroleum may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Anadarko Petroleum has overhead space with shares priced $53.48, or 34.9% below the average consensus analyst price target of $82.09. The stock should hit resistance at its 200-day moving average (MA) of $55.58, as well as support at its 50-day MA of $46.98.

Anadarko Petroleum Corporation is an independent oil and gas exploration and production company with international operations. In the United States, the Company operates in Texas and surrounding states, the Rocky Mountain region, Alaska, and the Gulf of Mexico. Internationally, Anadarko has exploration and/or production operations in Africa, Asia, South America, and the Caribbean.

In the past 52 weeks, Anadarko Petroleum share prices have been bracketed by a low of $28.16 and a high of $95.75 and are now at $53.48, 90% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.2% while the 200-day MA has slid 0.9%.

SmarTrend recommended that its subscribers protect gains by selling shares of Anadarko Petroleum on February 23rd, 2017 by issuing a Downtrend alert when the shares were trading at $66.24. Since that call, shares of Anadarko Petroleum have fallen 19.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Anadarko Petroleum

Ticker(s): APC