APA dominated by bulls lifting the market higher throughout the day
Apache Corporation (APA) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
APA ended the week -2.17% lower at 44.17 after gaining $0.88 (2.03%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (APA as at Aug 10, 2018):
Friday's trading range was $1.69 (3.94%), that's above last trading month's daily average range of $1.27. Weekly volatility is also higher, being way above the markets average with the monthly volatility being below average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Breaking through the key resistance level at 43.82 today, it is now likely to act as support going forward. After having been unable to move lower than 42.27 in the prior session, Apache Corporation found buyers again around the same price level today at 42.53.
Although the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.