[Opening Position in Anadarko Petroleum (APC)]
Dear Member:
Anadarko Petroleum (APC) is coming off a quadruple hit support and looks like it could run a bit before hitting any significant resistance. The stock is currently trading around $43.50 and I like it on a day order at $43.50 or better. If I am wrong on direction, I would look at an exit on a drop below $42. That would be about a $1.50 a share loss. There is modest resistance near $46 and, again, just below $49.
DISCLOSURE: At the time of publication, I have no position in APC.
Sincerely,
Bill Kraft
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