Anadarko Petroleum Corporation engages in the exploration,
development, production, and marketing of oil and gas properties. It
operates through three segments: Oil and Gas Exploration and Production;
Midstream; and Marketing. The Oil and Gas Exploration and Production
segment explores for and produces natural gas, oil, condensate, and
natural gas liquids (NGLs). The Midstream segment provides gathering,
processing, treating, and transportation services to Anadarko and
third-party oil, natural-gas, and NGLs producers, as well as owns and
operates gathering, processing, treating, and transportation systems in
the United States. The Marketing segment markets oil, natural gas, and
NGLs in the United States; oil and NGLs internationally; and anticipated
liquefied natural gas production from Mozambique.
Take a look at the 1-year chart of Anadarko (NYSE: APC) below with my added notations:
After APC’s decline into December, the stock started a rally from its
$70 December low. Ultimately, the rally ended at the same $95 level
that stalled the stock back in October and November. In July, APC
bounced on the same $70 level (red) that provided support for the stock
back in December. The break of the $70 support led to a drop, as one
would expect, and after a brief fake-out last week, APC now sits just
below the $70 resistance again.
The Tale of the Tape: APC has a key level of
resistance at $70. A long trade could be entered on a break through that
level. However, if you are bearish on the stock, a short trade could be
made on any rallies up to $70.
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