Losing streak continues: APA, Apache is down 1.47% to $37.5 adding to its 7th consecutive day of losses

APA, Apache is down to $37.5, after ending yesterday at $38.06. Overall, a 1.47% loss or 55.89 cents today.

United States FOMC Meeting Minutes is next today at 19:00 UTC.

Meanwhile, United States Existing Home Sales (Jan) released yesterday at 15:00 UTC with a figure of 4 million, while the previous figure was 4 million. United States 2-Year Note Auction came out at 4.673. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.

Visual analysis of APA, Apache's chart shows that APA Corporation could begin to recover as it approaches significant support, now 33 cents away from $37.17. Dipping below could be an indication that further losses are ahead. Trend and momentum 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 asset volatility analysis, APA, Apache's lower Bollinger Band® is at $37.67, indicating that the asset has overextended to the downside and could, therefore, bounce back as buyers look for bargains.

Overall, the technical outlook suggests APA, Apache is likely to remain muted for the immediate future, with no clear-cut direction.

APA, Apache's stock value drop coincides with BHP Billiton is down 3.21% from the beginning of the session and now trades around $64.14. Rio Tinto is down to $72.83, losing 3.38%, after ending yesterday at $75.38.

Positive performances can be seen by looking at other materials stocks as Linde added 0.96% to its value, now trading at $327.69.

Looking ahead, ongoing depreciation may be prolonged as tomorrow at 16:00 UTC data for United States Crude Oil Inventories will be released, with an expected decline to 1.17 million from the preceding figure of 16.28 million. United States Initial Jobless Claims projected to come out at 200,000 — worse than previous data of 194,000; data will be released tomorrow at 13:30 UTC.

Furthermore, United States GDP figure is projected at 2.9. It previously stood at 2.9; data will be released tomorrow at 13:30 UTC.

The current year has not been the best for the hydrocarbon exploration company as it lost 12.75% from its highest point of $51.39.