APA dominated by bulls lifting the market higher throughout the day


Apache Corporation (APA) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
APA pushes through key resistance level
APA dominated by bulls lifting the market higher throughout the day
APA ends the day on a bullish note closing near the high of the day
APA finds buyers again around 42.53
APA closes within previous day's range
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

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 chart for APA
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

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.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Apache Corporation
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Bullish Bounce off SMA 200 TQ Pro Members Only
Homing Pigeon TQ Pro Members Only
More market conditions identified for TQ Pro members...
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