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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 $48.19 and $49.11 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.

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.

Apache Corp has overhead space with shares priced $48.23, or 16.8% below the average consensus analyst 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.

In the past 52 weeks, Apache Corp share prices have been bracketed by a low of $45.15 and a high of $69.00 and are now at $48.23, 7% 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 is tracking the current trend status for Apache Corp and will alert subscribers who have APA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Apache Corp

Ticker(s): APA