Anadarko Petroleum (NYSE: APC) Reverses Off Resistance Says Market Timer Frank Kollar
October 31, 2007 (FinancialWire) (By Frank Kollar)
Shares of Anadarko Petroleum Corp. (NYSE: APC) reversed at resistance in mid-October, and after a second rally attempt, failed again this week.
Anadarko’s reversal two weeks ago was no more than a normal correction in a strong advance. But now that Anadarko has failed again to surpass resistance, it signals that a deeper correction may lie ahead.
Anadarko pushed above $59.00 a share two weeks ago and fought for a week to hold that level before declining. The second attempt last Friday was on a strong gap open day that closed near its highs and just above the $59.00 resistance level. On Monday this week Anadarko moved higher intra-day only to fall back and close at its lows. On Tuesday it gapped down at the open and again closed at its lows.
The odds favor lower lows ahead with initial support not found until about $53.00 a share.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Anadarko Petroleum Corp.
Kollar’s research has shown that the financial markets are in tradable trends approximately 80 percent of the time. FibTimer strategies define trends and trade them in both advancing and declining markets. Caring nothing about what newscasters say or what the latest economic indicator predicts, trends are where the profits are, and that is where FibTimer is.
Kollar is editor and chief analyst at FibTimer.com (http://www.fibtimer.com) which offers market timing strategies for S&P and Nasdaq index fund traders, as well as bond, gold, small cap, sector, ETF and stock trading strategies.
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