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.
No comments:
Post a Comment