Anadarko Petroleum (NYSE: APC) Headed Towards First Resistance Level Says Market Timer Frank Kollar
January 6, 2009 (FinancialWire) (By Frank Kollar)
Shares of Anadarko Petroleum (NYSE: APC) moved higher on a generally down day for the stock market Monday, January 5.
The daily chart of Anadarko is quite bullish, considering how bearish most stock charts remain. Corrections since the October 2008 lows have held at higher lows each time, setting up a rising trend support line, unbroken for three months.
Anadarko should reach at least $44.00 in coming weeks, the first resistance level. A close above this level would result in a run to at least $48.61.
The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Anadarko Petroleum.
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.
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.
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