Apache Ready to Launch

• Posted by Greg Harmon
• on September 21st, 2016

Apache ($APA) is an independent oil and gas exploration and development company. They have nothing to do with helicopters. Well there is one thing in common. Their 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 the consolidation it pulled back to the 200 day SMA in August and held. September has seen the price rise back to the 59.50 level and hold in a small consolidation.

But Wednesday it is 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 to over $72 on a new leg higher. A close today over the resistance would give initial confirmation of a new move starting, with further confirmation on a close over it Friday.

Celebrating 5 Years

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