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March 11, 2023
Yesterday at a glance: pronounced bearish sentiment in the market pushed the Texan hydrocarbon explorer into a notable 2.86% slide yesterday, falling $1.05 and ultimately closing at $35.95.
Unemployment Rate in United States fell short of market expectations (3.4) with a reading of 3.6, continuing the decline from the previous figure of 3.4.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – highly important Non Farm Payrolls data from United States beat analyst expectations of 205,000 with a reading of 311,000.
While price action maintains a negative bias, United States CFTC Gold speculative net positions released yesterday at 20:30 UTC with a figure of 107,100, while the previous figure was 128,800.
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. Analysis based on the asset volatility indicates that APA, Apache's lower Bollinger Band® is at $35.62, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains. APA, Apache's notable support and resistance levels: APA, Apache could begin to recover as it approaches significant support, now 67 cents away from $35.28. Dipping below could be an indication that further losses are ahead.
Overall, the technical outlook suggests APA, Apache is likely to remain muted for the immediate future, with no clear-cut direction.
APA, Apache was not the only decliner in the materials sector; Linde lost 1.27% yesterday and closed at $341.54. BHP Billiton went down 1.02%, closed at $60.73. Rio Tinto lost 1% yesterday and closed at $67.54.
The current year has not been the best for the hydrocarbon exploration company as it lost 17.17% from its highest point of $51.39.
