| 
June 02, 2023
A quick look at today: the Texan hydrocarbon explorer rose as high as $34.19 before giving up its gains and dropping back to $33.68 before the close on today.
APA, Apache's uptick comes amid good United States macroeconomic data released during the day — United States Non Farm Payrolls beat the 180,000 projections, with 339,000.
On the flip side, highly important Average Hourly Earnings data from United States beat analyst expectations of 0.4% with a reading of 0.3%. Unemployment Rate in United States fell short of market expectations (3.5) with a reading of 3.7, continuing the decline from the previous figure of 3.4.
Technical analysis shows that APA Corporation broke through the $33.86 resistance and climbed 18 cents above it. With regards to technical trend indicators, chart analysis show that APA, Apache made an initial breakout above its 21 day Simple Moving Average at $32.98, a potential indicator of a newly emerging bullish phase. Asset volatility analysis shows that APA, Apache's upper Bollinger Band® is at $34.34, this is a slight indication of a slowdown.
All in all, the technical analysis suggests APA, Apache has no clear-cut direction.
This rally in APA, Apache's share price coincided with other materials stocks as BHP Billiton added 4.13% to its value, and traded at $58.72. Rio Tinto was up 3.49%. Linde was up 1.4%.
The hydrocarbon exploration company is now trading 19.15% below its 3-month high of $51.39.
