A quick look at yesterday: a tough session dominated by bearish sentiment left APA, Apache $1.3 lower, while setting a $43.71 to $44.95 session range.
Crude Oil Inventories data from United States will be released today at 15:30 UTC with analysts expecting a decline to 971,000. Potentially significant price fluctuations in APA, Apache are expected to follow.
Amid the market gloom, United States API Weekly Crude Oil Stock came out at 3.38 million, while a consensus of analysts was expecting 1.6 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.139, while the previous figure was 4.373. United States Services PMI released yesterday at 14:45 UTC with a figure of 46.6, while the previous figure was 44.7.
Despite being in the red so far in the current trading session, APA Corporation peaked above its 10 day Simple Moving Average around $44.59 — typically an early indicator of a new bullish trend beginning to emerge. APA, Apache could begin to recover as it approaches significant support, now 53 cents away from $43.53. Dipping below could be an indication that further losses are ahead.
Overall, looking at the technical analysis landscape, it seems APA, Apache might start pointing upward in the short term.
On the other hand, positive performances could be seen by looking at other materials stocks as Linde traded at $328.63 after closing yesterday's trading day at $326.49 (up 0.66%). BHP Billiton added 0.55% to its value, and traded at $69.76.
Looking ahead, ongoing depreciation may be prolonged as projections for United States Core Durable Goods Orders are set for a continuation of decline with -0.2% while previous data was 0.1%; data will be released tomorrow at 13:30 UTC. Today at 15:30 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 971,000 from the preceding figure of 8.41 million. United States GDP expected to decline to 2.6 while its preceding data was 3.2, data will be available tomorrow at 13:30 UTC.
The past 6 months have been positive for the Texan hydrocarbon explorer as it appreciated 26.95%, having traded as low as $30.54.