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Anadarko Petroleum (NYSE: APC) On Fire

May 8, 2008

Shares of Anadarko Petroleum (NYSE: APC) have skyrocketed this week, adding some 16% in value in the last three days.

For traders who believe in buying new highs, Anadarko certainly has been a winner. But reality may catch up to stock performance soon, especially as Anadarko closes in on $80 a share.

Look for profit taking to trim some of these gains in coming days, and if Anadarko reaches $80 a share, a healthy correction. But with no end in sight for crude oil prices of coming months, continued new highs appear to be in the cards.

The Fibtimer.com (http://www.fibtimer.com) Stock Timing Strategy has a position in Anadarko Petroleum.

Posted on May 07, 2008 in Stock, ETF and Market Analysis |

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