Swing Trading the Anadarko Petroleum (APC) Chart Set-Up.
Anadarko has sold off considerably, but it has sold off to a predictable support area on the weekly chart.
It is highly probable that the support area of the chart holds for an excellent reversal in trade.
The historical symmetry of trade on the weekly chart agrees, as does the MACD and Stochastic RSI.
There is even some time-cycle symmetry, albeit a bit loose, but it is there.
About Anadarko Petroleum:
Website http://www.anadarko.com/
Anadarko Petroleum Corporation (NYSE:APC), Skandinaviska Enskilda Banken AB (publ.) (OM:SEB A) Stock Valuation & Investor Review https://hawthorncaller.com/anadarko-petroleum-corporation-nyseapc-skandinaviska-enskilda-banken-ab-publ-omseb-a-stock-valuation-investor-review/
Anadarko Petroleum Earnings: APC Stock Dips on Q4 Profit Miss https://investorplace.com/2019/02/anadarko-petroleum-earnings-apc-stock/
How to trade it?
Wait for the MACD to turn up (it is pinching up now on the weekly chart), the Stochastic RSI was high every other occasion the stock reversed for a bullish run (like it is now). take a long entry with tight stops on a lower time frame (15 minute or even 5 minute) and if you get stopped re-try each time it looks like it will start to run.
If it doesn’t reverse for a nice bullish run up with excellent historical returns you know your risk reward was well within a rule-based process.
This is a very attractive set-up that is high on my watch-list this week.
It closed the regular trading session on Friday at 44.40 and could easily run in to mid 75.00 area Feb of 2020 (next year).
This is a very attractive set-up that is high on my watch-list this week.
See the trade set up in Anadarko Petroleum below: The symmetry (green), the time-cycle inflections (green vertical lines), the chart indicators being Stochastic RSI and MACD (marked with white arrows).
Below I charted the price target for March of 2020 for Anadarko and marked it with red circle on the chart and trajectory arrow (green) for a possible bullish reversal set up from historical support on this trade. Very structured trade set up with high probability of excellent return with very low downside risk if you manage your stops properly.
