For two weeks in a row, an energy name is our chart of the week. That’s no accident, as crude is expected to continue its run higher through the end of 2018. Anadarko Petroleum is a strong, diversified oil name that has lagged the entire group, but it has an intriguing chart setup here that is worth a look.
The W pattern sticks out like a sore thumb, which is usually pretty bullish. Other indicators are also confirming the price action, except for the CMF. It’s just a matter of time before that indicator goes green. Because volume trends have been solid, I believe the path of the stock will eventually lead to a gap from around the 74 level.
With crude expected to remain bullish, Anadarko should see more upside as the rising tide lifts all boats.
Take a deeper dive into the chart action of Anadarko Petroleum on NYSE: APC and learn how to read the technicals. Get Bob Lang’s full analysis as he marks up our chart of the week.
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About Anadarko Petroleum
Anadarko Petroleum Corporation engages in the exploration, development, production, and marketing of oil and gas properties. It operates through three segments: Exploration and Production, WES Midstream, and Other Midstream. The company explores for and produces oil, natural gas, and natural gas liquids (NGLs). It also engages in gathering, processing, treating, and transporting oil, natural-gas, and NGLs production, as well as the gathering and disposal of produced water. The company’s oil and natural gas properties are located in the U.S. onshore and deepwater Gulf of Mexico; and Algeria, Ghana, Mozambique, Colombia, and other countries. As of December 31, 2017, it had approximately 1.4 billion barrels of oil equivalent of proved reserves. Anadarko Petroleum Corporation was founded in 1959 and is headquartered in The Woodlands, Texas.
