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May 28, 2023
While in the midst of a 3 day downtrend, losing a total of 2.82% ($1.08), Friday may indicate a change of direction; APA, Apache recovered from the previous trading session's losses and went up to $33.41 Friday after it traded lower at $32.82.
Despite posting gains on Friday, APA Corporation slid below its 10 day Simple Moving Average at $33.13 during the last session — an early indicator that a negative trend could be emerging. APA, Apache's upper Bollinger Band® is at $34.53, this is a slight indication of a slowdown. APA, Apache could be slowing down soon; it is getting close to the resistance line and is now at $33.83, only 42 cents away. Crossing the resistance line could, however, suggest that further gains are ahead.
Overall, looking at the technical analysis landscape, it seems APA, Apache is likely to reverse course and start pointing down in the short term.
This rally in APA, Apache's share price coincided with other materials stocks as BHP Billiton traded at $56.67 after closing Friday's trading day at $55.03 (up 2.98%).
So far this year, the hydrocarbon exploration company has declined 23.47% while touching highs around $51.39 earlier this year.
