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April 21, 2023
The Texan hydrocarbon explorer slides down from $37.7 to $37, losing 70 cents (1.86%).
APA, Apache is currently trading at $37 following the release of Services PMI data from the United States.
Amid the market gloom, United States Services PMI came out at 53.7, while a consensus of analysts was expecting 51.5. United States Existing Home Sales (Mar) released yesterday at 14:00 UTC with a figure of 4.44 million, while the previous figure was 4.55 million. United States Philadelphia Fed Manufacturing Index (Apr) released yesterday at 12:30 UTC with a figure of -31.3, while the previous figure was -23.2.
Concerning technical analysis and more specifically, trend indicators, despite being in the red so far in the current trading session, APA Corporation peaked above its 21 day Simple Moving Average around $37.63 — typically an early indicator of a new bullish trend beginning to emerge. Support/Resistance levels obtained from chart analysis indicate that APA, Apache could begin to recover as it approaches significant support, now 25 cents away from $37.25. Dipping below could be an indication that further losses are ahead.
With market volatility ebbing, the current technical outlook indicates APA, Apache will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other materials stocks as after closing the previous session (yesterday) at $67.3, Rio Tinto lost $3.3 and is trading around $64. After closing the previous session (yesterday) at $60.71, BHP Billiton lost $2.5 and is trading around $58.21. Linde is down 0.36% from the beginning of the session and now trades around $366.
The Texan hydrocarbon explorer is now trading 16.39% below its 3-month high of $51.39.
