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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Anadarko Petroleum (NYSE:APC) based on the price action in the company's shares. Today's price range of $51.36 and $51.96 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. Traders and investors interested in shares of Anadarko Petroleum 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 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.

There is potential upside of 59.5% for shares of Anadarko Petroleum based on a current price of $51.47 and an 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.

In the past 52 weeks, shares of Anadarko Petroleum have traded between a low of $28.16 and a high of $95.75 and are now at $51.47, which is 83% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 2.2%.

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 22.5%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Anadarko Petroleum

Ticker(s): APC