Candlesticks - Bearish Engulfing Anadarko Petroleum

Published on Tuesday, 31 August 2010 01:24 Written by Christopher Lynn

New York, August 31st (TradersHuddle.com) - Shares of Anadarko Petroleum Corporation (NYSE:APC) ended the trading session lower by $1.05 or -2.21% from its previous close. Anadarko's price action formed what is considered to be a bearish engulfing candlestick chart pattern.

Anadarko Petroleum Corporation (NYSE:APC) is an independent oil and gas exploration and production company with international operations. Anadarko has exploration and/or production operations in the United States Africa, Asia, South America, and the Caribbean.

Anadarko's current stock range is defined by calculated support defined at $45.07 and by the resistance level at $56.97, which should be used by traders planning their trades.

Traders wanting to establish a position in Anadarko Petroleum stock need to pay close attention at the bearish engulfing pattern, since it could mark a trend reversal to current Anadarko Petroleum shares price action. The Bearish engulfing pattern is a leading warning sign, therefore traders should closely monitor price action for indications of a trend reversal. Below an Engulfing Bearish Candle Illustration: