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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 $57.15 and $57.79 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 (NYSE:APC) has potential upside of 42.1% based on a current price of $57.78 and analysts' consensus price target of $82.09. Anadarko Petroleum shares have support at the 200-day moving average (MA) of $55.58 and additional support at the 50-day MA of $46.98.

Anadarko Petroleum share prices have moved between a 52-week high of $95.75 and a 52-week low of $28.16 and are now trading 105% above that low price at $57.78 per share. 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%.

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.

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 13.8%. 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