Just as an update to the technical argument earlier this afternoon, it seems it is worth keeping in mind the alleged M&A interest around Anadarko Petroleum. It is said that oil & gas giants Shell (LON:RDSB), and Exxon (NYSE:XOM) are running the rule over Anadarko, especially after recent favourable results.
The theoretical take out price would be between $80-$90 a share, something which would make sense if nothing else as a premium over the current share price. Otherwise the technical target of $70 looks achievable, especially with ongoing oil price firmness, and the latest strong price action for Anadarko stock.
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