APC stuck within tight trading range
Anadarko Petroleum Corporation (APC) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
APC finished the week 5.89% higher at 44.55 after gaining $0.30 (0.68%) today, slightly outperforming the S&P 500 (0.5%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (APC as at Mar 15, 2019):
Friday's trading range has been $0.92 (2.1%), that's below the last trading month's daily average range of $1.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for APC. Prices continued to consolidate within a tight trading range between 43.69 and 45.04 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Monday, APC gained 0.83% on the following trading day.
Prices are trading close to the key technical resistance level at 45.30 (R1).
While Anadarko Petroleum is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might accelerate should prices move above the nearby swing high at 45.04 where further buy stops could get activated. As prices are trading close to March's high at 45.12, upside momentum might speed up should the stock mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Anadarko Petroleum. Out of 73 times, APC closed higher 58.90% of the time on the next trading day after the market condition occurred.