Yesterday APA, Apache increased by 2.94%, ended the session at $32.56

Yesterday at a glance: an influx of buyers helped the Texan hydrocarbon explorer to end the session higher around $32.56, while establishing a $31.64 to $33 session range yesterday.

United States Initial Jobless Claims data will be released today at 12:30 UTC, with an expected improvement to 254,000 (previous figure was 264,000).

APA, Apache's uptick comes amid good United States macroeconomic data released during the day — data for United States Crude Oil Inventories published yesterday at 14:30 UTC came out at 5 million, beating projections of -920,000 and showing improvement over the preceding figure of 2.95 million.

Meanwhile, United States Building Permits (Apr) came out at 1.42 million, while a consensus of analysts was expecting 1.44 million. United States 20-Year Bond Auction released yesterday at 17:00 UTC with a figure of 3.954, while the previous figure was 3.92.

APA Corporation made an initial breakout above its 10 day Simple Moving Average at $32.93, a potential indicator of a newly emerging bullish phase. Despite this, APA, Apache could be slowing down soon as it approaches resistance at $33.15. Of course, crossing it might suggest further gains are ahead.

Overall, looking at the technical analysis landscape, it seems APA, Apache might continue pointing upwards in the short term.

A look at other materials stocks also showed bullish price action as Rio Tinto was up 2%. BHP Billiton was up 1.74%.

Yesterday's gains have given market bulls further impetus to expect strong macro data going forward, such as United States Initial Jobless Claims is projected to outperform its last figure with 254,000, having previously been at 264,000. The figure will be published today at 12:30 UTC.

Furthermore, the market is looking at United States Philadelphia Fed Manufacturing Index (May) will be released today at 12:30 UTC. United States Existing Home Sales (Apr) scheduled to come out today at 14:00 UTC.

Trending downwards for around a month. The current year has not been the best for the hydrocarbon exploration company as it lost 25.91% from its highest point of $51.39.