Apache (APA) Shares Enter Oversold Territory

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In trading on Thursday, shares of Apache Corp (Symbol: APA) entered into oversold territory, changing hands as low as $23.64 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30.

In the case of Apache Corp, the RSI reading has hit 29.99 - by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 48.5, the RSI of WTI Crude Oil is at 43.6, the RSI of Henry Hub Natural Gas is presently 43.3, and the 3-2-1 Crack Spread RSI is 45.7. A bullish investor could look at APA's 29.99 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side.

Looking at a chart of one year performance (below), APA's low point in its 52 week range is $23.59 per share, with $50.0328 as the 52 week high point - that compares with a last trade of $23.64. Apache Corp shares are currently trading off about 3.4% on the day.

Apache Corp 1 Year Performance Chart

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

This article appears in: Investing , Stocks , Energy
Referenced Symbols: APA

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