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

By Nick Russo

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 $27.69 and $28.02 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 Corp has overhead space with shares priced $28.04, or 38.9% below the average consensus analyst price target of $45.92. The stock should run into initial resistance at its 50-day moving average (MA) of $32.24 and subsequent resistance at its 200-day MA of $35.60.

In the past 52 weeks, Apache Corp share prices have been bracketed by a low of $24.56 and a high of $50.03 and closed yesterday at $28.04, 14% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.6% while the 50-day MA has declined 1.4%.

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.

SmarTrend recommended that its subscribers protect gains by selling shares of Apache Corp on April 26th, 2019 by issuing a Downtrend alert when the shares were trading at $33.30. Since that call, shares of Apache Corp have fallen 14.9%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish am inside day candle Apache Corp

Ticker(s): APA