has rallied along with oil
this year and has completed a bullish leading diagonal
. It will be interesting to see how the correlation holds up with oil
over the couple of weeks as I have order to go long oil
if it trades higher. APC
should have at least a two legged correction and retrace at least a third of the diagonal. Support seems to be at the 50% retracement
level, so this is a reasonable target area. Short with a sell stop below last week's low and set the stop loss above last week's high.