A quick look at yesterday: APA, Apache ended Thursday at $38.07. yesterday it went up to $39.5 only to drop back, yet still managed to close at $39.09.
United States EIA Short-Term Energy Outlook is next today at 16:00 UTC.
APA Corporation made an initial breakout above its 50 day Simple Moving Average at $38.73, a potential indicator of a newly emerging bullish phase. Fibonacci-focused traders would be interested to note that APA, Apache is oscillating around the key Fibonacci resistance level of $39. In contrast, APA, Apache is 53 cents away from testing key resistance at $39.62. Peaking above this level could inspire market bulls and open the path to further gains. Bollinger Band® analysis indicates that current price action is approaching the upper band at $40.2, thereby suggesting that APA, Apache is becoming overvalued.
Overall, looking at the technical analysis landscape, it seems APA, Apache likely to continue pointing upward in the short term.
This rally in APA, Apache's share price coincided with other materials stocks as Linde was up 0.56%. Rio Tinto was up 0.66%. BHP Billiton was up 0.6%.
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 -1.3 million, having previously been at -3.74 million. The figure will be published tomorrow at 14:30 UTC.
The market is looking forward to the release of new data: United States Consumer Price Index figure is projected at 0.2%. It previously stood at 0.4%; data will be released tomorrow at 12:30 UTC. United States Core Consumer Prices figure is projected at 0.4%. It previously stood at 0.5%; data will be released tomorrow at 12:30 UTC.
The hydrocarbon exploration company has shed 9.83% over the past three months.