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.
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.
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.
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