Apache Corp

By root | January 21, 2008 AAA

For today's chart we've chosen to take a look at Apache Corp (NYSE:APA) because it has fallen below two interesting levels of short-term support. As you can see from the chart below, the recent move below the dotted trendline has added fuel to the downward momentum and traders are now watching to see if the stock will move toward the next major support level near $80. Technical traders who hold a longer-term bearish outlook will likely choose to set targets at $73 because this level has propped up the price several times in the past. It is important to note that Apache Corp is in a prolonged uptrend and that betting against the trend may be riskier than if the trade were placed against a company in a different sector. Technically speaking, the risk/reward ratio makes betting on a drop toward the ascending trendline a favorable move, but broad market strength would easily cause this trade to move in the wrong direction.

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