APC unable to break through key resistance level
Anadarko Petroleum Corporation (APC) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, APC ended the week 1.26% higher at 74.59 after gaining $0.90 (1.22%) today. Closing above Thursday's high at 74.05, the market confirms its breakout through the previous session's high having traded $1.22 above it intraday.
Daily Candlestick Chart (APC as at Jul 13, 2018):
Friday's trading range was $1.84 (2.5%), that's slightly below last trading month's daily average range of $1.94. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Unable to break through the key technical resistance level at 74.72, the stock closed below it after spiking as high as 75.27 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to July's low at 71.63, downside momentum might accelerate should Anadarko Petroleum mark new lows for the month.