APA, Apache closes at $34.17, up 0.74%, adding one more to its 4th straight day of gains

A quick look at yesterday: bullish sentiment helped the hydrocarbon exploration company to hammer out a noteworthy $33.83 to $34.74 range yesterday, and finally closing at $34.17 to end the session.

Meanwhile, United States Core PCE Price Index (YoY) (May) released yesterday at 12:30 UTC with a figure of 4.6, while the previous figure was 4.7. United States Core PCE Price Index (MoM) (May) came out at 0.3, while a consensus of analysts was expecting 0.3. United States CFTC S&P 500 speculative net positions came out at -208,300.

Despite posting gains on yesterday, APA Corporation slid below its 50 day Simple Moving Average at $33.95 during the last session — an early indicator that a negative trend could be emerging. APA, Apache's upper Bollinger Band® is at $34.78, this is a slight indication of a slowdown. Although APA, Apache is appreciating today after rising as high as $34.74, price action is now slowing and consolidating around 49 cents below the $34.66 resistance level. In contrast, price action remains constrained around the key Fibonacci level of $34.58 currently serving as resistance

After posting consistent gains as part of its uptrend and being lifted by intraday sentiment, technical factors suggest APA, Apache is set for a reversal in the coming days.

A look at other materials stocks also showed bullish price action as Linde was up 0.5%.

The stock has been trending positively for about 30 days. The Texan hydrocarbon explorer has shed 26.94% over the past six months.