APC May Break Out to New Highs

Anadarko Petroleum Corp. (APC) -- 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.

APC May Break Out to New Highs !!!!Anadarko Petroleum Corp. (APC) -- 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 until July, when it broke from just above $50 and ran to $60 to $65, where it is now consolidating in a right triangle.

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 at $60 fails to hold, look for APC to pull back to just above the 200-day moving average. Stop-loss orders should be placed at just below $58 to protect against a breakdown.