APA, Apache gained 50 cents and closed above the $49 level for the first time in 5 months and a half.
United States EIA Short-Term Energy Outlook is next today at 17:00 UTC.
Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. According to momentum evaluation, according to technical analysis of APA, Apache's Relative Strength Index (RSI), the market is currently overbought. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $50.41, thereby suggesting that APA, Apache is becoming overvalued. Technical analysis shows that APA, Apache price action is currently oscillating around the $50.38 resistance level with prices moving above and below several times during the session.
Overall, while APA, Apache has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
A look at other materials stocks also showed bullish price action as Linde was up 1.48%.
While APA, Apache was bullish yesterday, the following materials stocks underperformed: BHP lost 2.43% yesterday and closed at $64.18.
Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.1 million. It previously stood at -3.12 million; data will be released tomorrow at 15:30 UTC.
Also worthy of note, United States EIA Short-Term Energy Outlook is expected today at 17:00 UTC.
The stock has been trending positively for about a month. APA, Apache now trading 54.54% above its 3-month low of $23.94.