| 
March 16, 2023
APA, Apache is in the midst of a 7 day downtrend. Today's positive session could indicate a brief correction amid a broader downtrend, or, the start of a potential reversal. After closing the previous trading day at $32.05, APA, Apache is up to $32.51, which makes for a move of 1.44%/46 cents today.
Trend analysis indicates 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. According to momentum evaluation, the Relative Strength Index indicates APA, Apache is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, APA, Apache's lower Bollinger Band® is at $34.09, indicating that the market is oversold and fertile for new buyers.
Overall, the technical outlook suggests APA, Apache is likely to remain muted for the immediate future, with no clear-cut direction.
A look at other materials stocks also shows bullish price action as Linde is trading at $339.29 after ending yesterday's session at $330.93 (up 2.52%).
At the same time, Rio Tinto is down 1.7% from the beginning of the session and now trades around $64.75.
The Texan hydrocarbon explorer is now trading 26.08% below its 3-month high of $51.39.
