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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. Yesterday's price range of $23.76 and $24.37 is within the prior day'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.

Over the past year, Apache Corp has traded in a range of $19.44 to $38.62 and closed yesterday at $23.85, 23% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.4% while the 50-day MA has advanced 0.6%.

Apache Corp (NYSE:APA) has potential upside of 92.5% based on a current price of $23.85 and analysts' consensus price target of $45.92. Apache Corp shares should encounter resistance at the 200-day moving average (MA) of $28.05 and support at the 50-day MA of $23.42.

SmarTrend is monitoring the recent change of momentum in Apache Corp. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Apache Corp in search of a potential trend change.

Keywords: bearish am inside day candle Apache Corp

Ticker(s): APA