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

By James Quinn

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. Yesterday's price range of $50.33 and $51.38 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 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.

Potential upside of 64.5% exists for Anadarko Petroleum, based on a current level of $51.13 and analysts' average consensus price target of $84.10. 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 closed yesterday at $51.13, which is 82% 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 is tracking the current trend status for Anadarko Petroleum and will alert subscribers who have APC in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle Anadarko Petroleum

Ticker(s): APC