Anadarko Petroleum: Technical Smoke could be a sign of Fundamental Fire

Just a quick look at Anadarko Petroleum, always a company which fitted the bill as far as M&A speculation is concerned. Part of the reason one might be fishing around here currently is the way that pre open the shares are up 5%, while this gain has come off the foundation of a stonking looking chart.

apclogo

The technical excitement is capped by the way that yesterday’s daily candle is solild green with the stock opening at the low of the day and closing at the high.

apc

The final piece of the jigsaw is the way the stock had previously served up two brief intraday tests of the 50 day moving average at $55.08, something only seen in the strongest of situations. The message at the moment is that provided there is no end of day close back below the 50 day line one would be looking for a top of July 2017 price channel towards $70 over the next 2-3 months.

Disclaimer
Zakmir.com is a purely journalistic website – Zak Mir is a member of the National Union of Journalists. There is no intention here of providing financial advice. It is recommended you seek an independent professional opinion before deciding whether or not to take any action with regard to anything written here.

 

Author: Zak Mir

Financial commentator, interviewer, technical analyst

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