The hydrocarbon exploration company ended Friday at $46.43 and dropped 3.04% today as it reaches the end of the current session.
Following today's trading session, chart analysis suggests the resistance level is at $47.05, followed by $47.68. With regards to technical trend indicators, chart analysis show that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $44.03, a low enough level to, generally, suggest that APA, Apache is trading below its fair value.
Overall, the technical outlook suggests APA, Apache is likely to remain muted for the immediate future, with no clear-cut direction.
In the meantime, negative performances are also seen in other materials stocks as after closing the previous session (Friday) at $344.42, Linde lost $6.45 and is trading around $337.97. BHP Billiton is down to $59.12, losing 0.94%, after ending Friday at $59.68. Rio Tinto is down to $65.28, losing 0.69%, after ending Friday at $65.73.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Consumer Confidence expected to decline to 100 while its preceding data was 102.5, data will be available tomorrow at 15:00 UTC.
The past 3 months have been positive for the Texan hydrocarbon explorer as it added 15.56% compared to its 3-month low of $23.94.