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* Apache stock price is showcasing strength against the bear markets, as the stock was up by +5% in the last trading session.
* APA is presently placed near the price range of $42 to $50 since the last few trading sessions.
* The stock is currently supported by positive news about the energy and minerals industry in the US.
Apache stock price is over the yearly chart and is presently placed above all major moving averages. Meanwhile, the global stock market has been facing a bearish move for the last few months. APA Corporation’s stock price suggests the strength, with average volume activity over the charts. Over the intraday, the stock manages to give the closing above the last few day’s highs and now seems to be getting ready to reach near its 52-week high of $51.95. Meanwhile, the closing above the last yearly highs will give a shape rally in 2023. Volume over the charts is average, and closing above the average volume lines will convince the Bulls to boost the price in upcoming trading sessions.
Apache stock price in the long-term is trying to move higher, while the stock may give a good move in 2023. The resistance over the long-term chart is placed near $72 to $68; likewise, the support at the lower side is near the range of $34 to $29.50. Once the bulls push the stock price above $52 with the supportive volume activity, we can see the price targets of $60.00 and $71.50 in 2023.
Technical setup of Apache stock price
Apache stock price is struggling under the Fib levels of 0.382 to 0.5 ($42.15 to $54.10), and the level of $42.15 is currently acting as support. Bulls may charge up once the stock price sustains above the Fib levels of 0.5 ($54.15) with good volume support. We may see $66.10 and $72.10 in upcoming training sessions.
The relative strength index (RSI) over the chart is presently heading higher at 57.86, indicating a clear uptrend in the near future.
Apache stock price is Escaping from the Flag and pole pattern.
Apache stock price over the shorter time frame has given a positive breakout from the flag and pole pattern, and soon we can see a sharp move. The volume activity over the monthly time frame is lower and needs strong growth to confirm this breakout. The near-term targets will be $50.60 and $51.90, while the support is around $43.70 and $39.80.
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish the financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
