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

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Anadarko Petrole (NYSE:APC) based on the price action in the company's shares. Yesterday's price range of $72.54 and $72.77 is within the prior day'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. Traders and investors interested in shares of Anadarko Petrole may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Anadarko Petrole (NYSE:APC) has potential upside of 5.8% based on a current price of $72.77 and analysts' consensus price target of $77.00. The stock should find initial support at its 50-day moving average (MA) of $58.30 and further support at its 200-day MA of $56.09.

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 $76.70 and closed yesterday at $72.77, which is 80% above that low price. The 200-day and 50-day moving averages have moved 0.01% higher and 3.16% higher over the past week, respectively.

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 53.4%. We continue to monitor APC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish am inside day candle anadarko petrole

Ticker(s): APC