Stock Picks – Anadarko Petroleum Corp-APC

by Sam Collins | November 12, 2009 10:09 am

 

Anadarko Petroleum Corp. (APC[1]) – This oil and gas exploration and production company, with operations primarily in the United States, the Gulf of Mexico and Algeria, is in a bull market that began in October 2008.    

 

It tracked its 50-day moving average[2] until July, when it broke from just above $50 and ran to $60 to $65, where it is now consolidating in a right triangle[3]. 

This formation is generally considered to be a bullish consolidation, and a break from it at $65 could carry APC to new highs and a target of $75 to $80. 

But if the support line[4] at $60 fails to hold, look for APC to pull back to just above the 200-day moving average. 

Stop-loss orders[5] should be placed at just below $58 to protect against a breakdown.

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Source URL: http://www.investorplace.com/2009/11/stock-picks-anadarko-petroleum-corp-apc/
Short URL: http://www.investorplace.com/?p=5952

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