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APC Breaks Through Its Neck Line

Having popped up above $84, the time to buy Anadarko is now

   

Anadarko Petroleum Corp. (APC) –  This major independent oil and gas exploration and production company, with operations primarily in the U.S., the deep water of the Gulf of Mexico, and Algeria, is in a consolidation that began early last year. After a $4 billion settlement with BP (NYSE:BP), the focus can now shift to APC’s top-tier exploration and development portfolio.

Earnings are estimated to be $2.95 in 2011 and $3.05 in 2012. Recent developments in the supply of natural gas should help APC’s bottom line. On Jan. 31, the Trade of the Day said, “The stock has been consolidating within a massive “V” formation with a bottom at under $60 and a neck line at $84.” I also said, “The 200-day moving average at $75 should hold any pullbacks, and so that is the preferred buy point.” But yesterday APC  broke through the neck line at $84. Buy at the market. The trading target is still  $110.

Collins apc pix 300x183 APC Breaks Through Its Neck Line
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Article printed from InvestorPlace Media, http://investorplace.com/2012/02/trade-of-the-day-anadarko-petroleum-nyseapc/.

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