Friday at a glance: the hydrocarbon exploration company went up to $41.15, gaining 2.19%.
APA Corporation made an initial breakout above its 200 day Simple Moving Average at $41.18, a potential indicator of a newly emerging bullish phase. Price action overcame a known Fibonacci resistance level at $40.04 by around $1.11 with prices hammering out a $39.4 – $41.38 session range. Despite this, APA, Apache could be slowing down soon as it approaches resistance at $41.89. Of course, crossing it might suggest further gains are ahead.
Overall, looking at the technical analysis landscape, it seems APA, Apache might continue pointing upwards in the short term.
This rally in APA, Apache's share price coincided with other materials stocks as Linde added 3.02% to its value, and traded at $362.38. Rio Tinto was up 1.95%. BHP Billiton traded at $65.85 after closing Friday's trading day at $65 (up 1.29%).
The Texan hydrocarbon explorer has shed 10.17% over the past three months.