APA is approaching our first resistance at 34.25 (horizontal overlap resistance, 100% fiboancci extension, 38.2% fibonacci retracement) where a strong drop might occur below this level pushing price down to our major support at 25.66 (horizontal swing low support).
Stochastic (89,5,3) is also approaching resistance where we might see a corresponding drop in price.
Apache Corp is a petroleum and natural gas exploration and production company struggling with the current prices and the cycle of the industry. My PV for this asset is around $40 but could be tricky buying at this current level, however, the potential profit is more than 12%.
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Just wanted to point out a pattern I am watching to complete. APA is currently approaching the neckline of an inverse head and shoulders on increasing volume. Watch for a break above $50 on big volume.
This 120m chart of APA shows the stock trading sideways in a horizontal range. It looks to have broken lower from a rising wedge as it hit prior resistance. Initiating a short position at 44.50 for a move lower. Immediate target at 39.50 with an extension down to 34.50. A move above 50 will cause me to reevaluate the trade.