A quick look at today: despite the risk-off mood, APA, Apache was range-bound between $45.6 to $47.49 and settled at $45.73.
United States Core Durable Goods Orders fell short of the 0.2% projections, with new data of -0.5%.
This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States GDP published today at 12:30 UTC came out at 2.6, beating projections of 2.4 and showing improvement over the preceding figure of -0.6. Data from United States concerning Initial Jobless Claims was released today at 12:30 UTC. Newly published figures emphasized continued decline from last month's figure of 214,000 to 217,000 this month.
Chart analysis suggests APA Corporation could begin to recover as it approaches significant support, now 55 cents away from $45.18. Dipping below could be an indication that further losses are ahead. Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Analysis based on the asset volatility indicates that APA, Apache's upper Bollinger Band® is at $46.82 which indicates a further downward move may follow.
Notwithstanding APA, Apache's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
APA, Apache was not the only decliner in the materials sector; BHP lost 2.43% today and closed at $64.18. BHP Billiton closed at $49.9 (down 2.27%). Linde went down to $293.26, losing 0.54% after it closed at $294.84 today.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to -5% while previous data was -2%; data will be released tomorrow at 14:00 UTC.
Furthermore, United States Core PCE Price Index (MoM) (Sep) is scheduled for tomorrow at 12:30 UTC.
The stock has been trending positively for about a month. APA, Apache now trading 36.17% above its 3-month low of $23.94.