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Energy Stock Gearing Up for Major Move

Apache could fall to near-term support then run to top of trading channel


Apache Corp. (NYSE: APA) — This large U.S. independent exploration and production driller has been in a bull market since August 2009. But this year, APA stock has been consolidating its move from $90 before making another run at new highs. The stock has a history of consolidations just under its 20-day and 50-day moving averages where it is now.

The Moving Average Convergence/Divergence (MACD) indicator is now overbought and, with the euro showing weakness, APA could fall to its near-term support at close to $115, and then make a run to the top of the trading channel at $140.

S&P has a “five-star strong buy” on APA with a 12-month target of $160. Our near-term trading target of $140 should take a lot less time to achieve.

Trade of the Day – Apache Corp. (NYSE: APA)

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