| 
June 08, 2023
A quick look at yesterday: an influx of buyers helped the hydrocarbon exploration company to end the session higher around $34.4, while establishing a $33.51 to $34.9 session range yesterday.
Nevertheless, following a previous reading of 4.49 million, Crude Oil Inventories in United States released yesterday at 14:30 UTC fell short of the 1 million figure expected by analysts with an actual reading of -451,000.
Meanwhile, United States Cushing Crude Oil Inventories came out at 1.72 million, while a consensus of analysts was expecting 719,000. United States Trade Balance (Apr) released yesterday at 12:30 UTC with a figure of -74.6 billion, while the previous figure was -60.6 billion.
Chart analysis suggests APA Corporation could be slowing down soon as it approaches resistance at $35.03. Of course, crossing it might suggest further gains are ahead. Concerning technical analysis and more specifically, trend indicators, the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $34.73, thereby suggesting that APA, Apache is becoming overvalued.
Overall, while APA, Apache has been on an uptrend, technical indicators suggest that it has no obvious direction for the immediate future.
This rally in APA, Apache's share price coincided with other materials stocks as Linde was up 0.71%.
Furthermore, the market is looking at today at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 235,000 from the preceding figure of 232,000.
So far this year, the Texan hydrocarbon explorer has declined 21.66% while touching highs around $51.39 earlier this year.
