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

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Apache (NYSE:APA) based on the price action in the company's shares. Today's price range of $56.55 and $57.51 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 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. The Company has operations in North America, onshore Egypt, offshore Western Australia, offshore the United Kingdom in the North Sea (North Sea), and onshore Argentina, as well as on the Chilean side of the island of Tierra del Fuego.

Apache share prices have moved between a 52-week high of $70.14 and a 52-week low of $32.20 and are now trading 78% above that low price at $57.45 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 2.5%.

Apache (NYSE:APA) is currently priced 2.9% above its average consensus analyst price target of $55.80. The stock should discover initial support at its 50-day moving average (MA) of $47.82 and subsequent support at its 200-day MA of $44.92.

SmarTrend recommended that subscribers consider buying shares of Apache on February 17th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $39.13. Since that recommendation, shares of Apache have risen 47.1%. 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

Ticker(s): APA