One of the strongest groups so far in 2018 is energy; companies that are crude-related, like Apache, are doing particularly well. Funny to think that these stocks had been left for dead just a few months ago, but now money is flowing to these names in a big way.
Apache has taken a very impressive stand and now looks ready to make a break higher through resistance. Note the strong turnover in January, indicative of institutional sponsorship. This is confirmed by the aggressive Chaikin Moneyflow in the bottom panel. The RSI is also very solid with a steep uptrend. Once the channel is broken to the upside, we’ll see higher highs and higher lows (into the 60’s). We are bullish on this name.
Apache (NYSE: APA) Video Chart Analysis
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About Apache
Apache Corporation, an independent energy company, explores for, develops, and produces natural gas, crude oil, and natural gas liquids. It operates onshore and offshore assets primarily in the Permian Basin, the Midcontinent/Gulf Coast, Canada, and the Gulf of Mexico, as well as Egypt and the North Sea, the United Kingdom. As of December 31, 2016, it had total estimated proved reserves of 642 million barrels of crude oil, 192 million barrels of natural gas liquids, and 2.9 trillion cubic feet of natural gas. Apache Corporation was founded in 1954 and is based in Houston, Texas.
