Anadarko Petroleum (NYSE: APC) Hits the Skids Says Market Timer Frank Kollar
June 5, 2008 (FinancialWire) (By Frank Kollar)
Shares of Anadarko Petroleum (NYSE: APC) have pulled back from their rally highs but have several strong support levels just below current Wednesday's close at $73.71.
Anadarko is just above the 50% retracement, at $72.17, for the entire strong May rally. That is also near the top of the huge gap Anadarko made on June 6. These two levels combined should offer solid support.
A close below though would point to the Fib 61.8% retracement support at $69.97 a share. Anadarko should not get this low unless we see a break in the price of crude that truly halts the oil rally. Something in the area of $110 a barrel.
Below this is a rising trend support line currently at $66.50 a share. Anadarko has reversed off this line four times since January.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Anadarko Petroleum.
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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