APA About to Make a Run for It
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 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 issued a strong buy signal last week and, with the U.S. dollar showing weakness, APA could pop through the near-term resistance and 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, but traders will likely see big gains in a much shorter time frame.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
