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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Triple bottom Daily
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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.
From the chart & technical analysis the the faster Moving averages i.e 9 & 19 EMA are about to cross above the slower -50 - Moving average from below, therefore trend is switching to bullish and price might go higher in the coming days. Momentum indicator is showing overbought so there might be a possible role reversal.
*** This is not an investment advice***
First we catch up on, the price has tested three times a support in the 39.00 area, and then the price broke a resistance level around 45.00, now this resistance is working like a support. This action happened between august 2017 and December 2017 (The support) and now in our days the price is above 45.00, the new support, that is all.
Now I propose two targets...