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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Apache Corp (NYSE:APA) based on the price action in the company's shares. Yesterday's price range of $18.50 and $18.91 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. Traders and investors interested in shares of Apache Corp may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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.

In the past 52 weeks, shares of Apache Corp have traded between a low of $18.33 and a high of $38.12 and closed yesterday at $19.05, which is 4% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 1.8%.

Potential upside of 141.1% exists for Apache Corp, based on a current level of $19.05 and analysts' average consensus price target of $45.92. The stock should run into initial resistance at its 50-day moving average (MA) of $22.76 and subsequent resistance at its 200-day MA of $27.25.

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: bullish am inside day candle Apache Corp

Ticker(s): APA