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Possible Bearish Inside Day Candle Pattern Detected for Apache Corp (NYSE:APA)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Apache Corp (NYSE:APA) based on the price action in the company's shares. Today's price range of $46.15 and $46.69 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Apache Corp may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Potential upside of 25.7% exists for Apache Corp, based on a current level of $46.15 and analysts' average consensus price target of $58.00. The stock should find resistance at its 50-day moving average (MA) of $49.61, as well as support at its 200-day MA of $44.99.

Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. Apache operates worldwide.

In the past 52 weeks, Apache Corp share prices have been bracketed by a low of $38.14 and a high of $69.00 and are now at $46.15, 21% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of Apache Corp on December 21st, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $42.19. Since that recommendation, shares of Apache Corp have risen 11.0%. We continue to monitor APA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle Apache Corp

Ticker(s): APA