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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. Today's price range of $50.60 and $51.38 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.

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 $50.92, 81% 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%.

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 65.2% exists for Anadarko Petroleum, based on a current level of $50.92 and analysts' average consensus price target of $84.10. Anadarko Petroleum shares should encounter resistance at the 200-day moving average (MA) of $55.58 and support at the 50-day MA of $46.98.

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 inside day candle Anadarko Petroleum

Ticker(s): APC