This Oil And Gas Play Is About To Take Off
Gregory W. Harmon | Sep 21, 2016 03:18PM ET
Apache Corporation (NYSE:APA) is an independent oil and gas exploration and development company whose stock price is about to take off.
The chart below shows the price action since the beginning of the year, when it made a low at about $32. By mid February the stock was moving higher and continued until making a top in May just under $60. Since then it has moved mainly sideways, in consolidation. During that consolidation, it pulled back to the 200-day SMA in August where it held. September has seen the price rise back to the 59.50 level and hold in a small consolidation.
But on Wednesday, it was breaking above that resistance level. The Bollinger Bands® have shifted higher and the RSI and MACD are both bullish and climbing. A Measured Move to the upside would give a target of over $72 on a new leg higher. A close over the resistance would give initial confirmation of the start of a new move, with further confirmation on a close over it on Friday.
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