October 1 Chart of the Day - Apache Corporation
Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews
Apache Corporation (APA) is an independent energy company that owns subsidiaries that explore for and produce oil and natural gas in the US, Egypt, the UK, as well as offshore.
The company has been in the headlines recently for expanding it partnership base including AI developer Planitir so we wanted to review their chart from a price action technical analysis perspective.
We have featured over 300 Charts of the Day since May 2023 and teach Price Action Technical Analysis Trading for FREE to traders who join our Highly Rated Trade Room.
Monthly Chart
On the monthly chart we can see that after setting its $149.23 all time high (ATH) back in 2008 price fell dramatically over the next several years all the way down to the $3.86 in 2020.
Since then price has bounced and is steadily making higher highs and higher lows.
Weekly Chart
On the weekly chart we can see with much more clarity the fall from ATHs, and the slow and steady climb back up. The bulls are looking to establish their next higher low.
Trading around $25.33 earlier today price may be attempting to power up and away from a recent $22.50 bounce area.
Only time will tell for sure what price will do next...
We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.
Armed with precision oriented charts like these both traders and investors can formulate their respective plans.
So what's next?
We don't make predictions...
Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.
- Support/Resistance
- Trend
- Fibonacci
- Supply/Demand Zones,
- Change Control Zones
ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.
Take a look at the charts and let us know what you think. We'd like to hear from you in the comments sections.
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