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

By David Diaz

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 $53.77 and $54.68 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.

Over the past year, Apache has traded in a range of $32.20 to $70.14 and is now at $54.09, 68% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has remained constant.

Apache has overhead space with shares priced $54.09, or 3.1% below the average consensus analyst price target of $55.80. The stock should discover initial support at its 50-day moving average (MA) of $49.61 and subsequent 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. 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.

SmarTrend is tracking the current trend status for Apache and will alert subscribers who have APA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle apache

Ticker(s): APA