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June 13, 2023
A quick look at today: an influx of buyers helped the Texan hydrocarbon explorer to end the session higher around $33.71, while establishing a $33.45 to $34.57 session range today.
Meanwhile, United States Consumer Price Index came out at 0.1%, while a consensus of analysts was expecting 0.2%. United States Consumer Price Index released today at 12:30 UTC with a figure of 4%, while the previous figure was 4.9%. United States Core Consumer Prices came out at 0.4%, while a consensus of analysts was expecting 0.4%.
APA Corporation's upper Bollinger Band® is at $34.73, this is a slight indication of a slowdown. Although APA, Apache is appreciating today after rising as high as $34.57, price action is now slowing and consolidating around 52 cents below the $34.23 resistance level.
Examining the technical analysis landscape, APA, Apache is likely to reverse course and start pointing downward in the short term.
A look at other materials stocks also showed bullish price action as Linde traded at $373.26 after closing today's trading day at $362 (up 3.11%). BHP Billiton was up 3.19%. Rio Tinto was up 2.92%.
Today's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Crude Oil Inventories is projected to outperform its last figure with 1.48 million. It previously stood at -451,000; data will be released tomorrow at 14:30 UTC.
Also worthy of note, United States Producer Price Index projected to decline to -0.1% while previous data was 0.2%; data will be released tomorrow at 12:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected tomorrow at 18:00 UTC.
Having set a significant high of $49.5 7 months ago, the Texan hydrocarbon explorer is trading 33.21% lower.
