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June 25, 2023
Friday at a glance: after closing the previous trading day at $33.21 and dropping to $32.45, the Texan hydrocarbon explorer closed Friday at $32.58. By the end of the session, APA, Apache gave up a total of 1.9%.
Technical chart analysis shows APA Corporation could begin to recover as it approaches significant support, now 20 cents away from $32.38. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the MACD index is indicating that momentum is shifting from bullish to bearish following a negative crossover. When the MACD falls below the signal line, it is typically considered to be a bearish development favoring short positions. Analysis based on the asset volatility indicates that APA, Apache's lower Bollinger Band® is at $31.78, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.
With market volatility ebbing, the current technical outlook indicates APA, Apache will remain range-bound for the immediate future.
APA, Apache was not the only decliner in the materials sector; BHP Billiton lost 2.61% Friday and closed at $59.31. Rio Tinto goes down 2.46% Friday to close at $65.1. Linde went down 0.55%, closed at $372.64.
The Texan hydrocarbon explorer has shed 30.64% over the past six months.
