The hydrocarbon exploration company is trading close to the $36.42 level today, after ending yesterday at $37.85 and dropping 3.78%.
United States's Consumer Confidence new data released of 101.3 below its previous figure.
Highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 101.3.
Meanwhile, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000. United States Building Permits released today at 12:10 UTC with a figure of 1.43 million, while the previous figure was 1.55 million.
A "Bullish Engulfing" pattern — a scenario when a larger green candle engulfs a smaller red candle, at the bottom of a prevailing downtrend. Typically this is a signal of higher prices in the near term. APA, Apache's lower Bollinger Band® is at $35, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. In contrast, APA, Apache could begin to recover as it approaches significant support, now 8 cents away from $36.5. Dipping below could be an indication that further losses are ahead. APA, Apache formed a session range of $36.31 to $37.4 leaving buyers and sellers highly concentrated around an active Fibonacci support level of $36.6.
Technical analysis indicates that APA, Apache (currently on a downtrend) might reverse course and start pointing upward in the short term.
In the meantime, negative performances are also seen in other materials stocks as BHP Billiton is down to $57.31, losing 3.06%, after ending yesterday at $59.12. After closing the previous session (yesterday) at $64.46, Rio Tinto lost $2.08 and is trading around $62.38.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as as things stand, upcoming United States Core Durable Goods Orders data is projected to fall short of market expectations with newly published data of -0.2%, following on from the preceding figure of -0.1%. New data is set to be published tomorrow at 12:30 UTC.
In addition, United States Crude Oil Inventories is projected to outperform its last figure with -1.67 million, having previously been at -4.58 million. The figure will be published tomorrow at 14:30 UTC.
The Texan hydrocarbon explorer has shed 14.09% over the past three months.