Trading Idea - Is Anadarko Petroleum close to Support?

Published on Friday, 13 August 2010 06:56 Written by Danny Miller

New York, August 13th (TradersHuddle.com) - Shares of Anadarko Petroleum Corporation (NYSE:APC) are trading very close to calculated support at $51.10 with current price action closing at just $51.84 places the stock price near levels where traders will start paying attention.

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 current calculated support defined at $51.10 and by the resistance level at $56.97, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Anadarko's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $56.97 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.