APA, Apache dropped by 2.51% and closed the session at $35.37

A quick look at today: the Texan hydrocarbon explorer found support around the $35.37 level, after closing yesterday at $36.28 and dropping by 2.51% today.

United States's Crude Oil Inventories new data released of -5 million below its previous figure.

United States Crude Oil Inventories fell short of the -1.49 million projections, with new data of -5 million.

This down-slide takes place despite the positive US macroeconomics indicators data that was published earlier — data for United States Core Durable Goods Orders published today at 12:30 UTC came out at 0.3%, beating projections of -0.2% and showing improvement over the preceding figure of -0.3%.

Amid the market gloom, United States New Home Sales (Mar) came out at 683,000, while a consensus of analysts was expecting 630,000.

Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. APA, Apache is currently flirting with an active Fibonacci support level around $35.53. Asset volatility analysis shows that APA, Apache's lower Bollinger Band® is at $34.88, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. Technical analysis shows that APA, Apache fell below the $35.88 support zone and moved 51 cents beyond it; the next level of support with significant buyer interest is estimated at $35.48.

All in all, the technical analysis suggests APA, Apache has no clear-cut direction.

APA, Apache was not the only decliner in the materials sector; Linde descends 0.56% today to close at $367.06.

On the other hand, positive performances could be seen by looking at other materials stocks as BHP Billiton traded at $58.36 after closing today's trading day at $57.1 (up 2.21%). Rio Tinto traded at $62.94 after closing today's trading day at $62.14 (up 1.29%).

With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Pending Home Sales projected to decline to 0.5% while previous data was 0.8%; data will be released tomorrow at 14:00 UTC. Tomorrow at 12:30 UTC data for United States GDP will be released, with an expected decline to two from the preceding figure of 2.6. Projections for United States Initial Jobless Claims are set for a continuation of decline with 248,000 while previous data was 245,000; data will be released tomorrow at 12:30 UTC.

The Texan hydrocarbon explorer has shed 20% over the past three months.