Last week, Anadarko Petroleum (APC) was pumping after a court settlement was announced last week on the Tronox case. Anadarko’s fine was significantly less than most people expected, and the stock responded in a big way, surging about 17% higher on heavy turnover. The enthusiasm followed through on Friday as the market was getting slammed, and now it appears there is a bullish flag being created around Anadarko. This is one of the best and most reliable patterns in technical analysis, so we’re just waiting to exceed the highs of Friday (102+) on good volume. The momentum indicators are in great shape here, and the volume surge pushed this stock over its resistance levels from last year. Of course, it helps that the stock was given much higher price targets by multiple firms that are well over the current price. The chart is looking very bullish, and we could see it go up to the 120’s over the short-term.
