Jan 15, 2013 (Pivot alerts via COMTEX) -- Shares of Apache (NYSE:APA) opened today below their pivot of $80.38 and have already reached the first level of support at $79.87. Analysts will be watching for a cross of the next downside pivot targets of $79.41 and $78.44.
Apache has overhead space with shares priced $79.51, or 24.2% below the average consensus analyst price target of $104.95. Apache shares should encounter resistance at the 200-day moving average (MA) of $85.11 and support at the 50-day MA of $78.43.
Over the past year, Apache has traded in a range of $74.50 to $112.09 and is now at $79.51, 7% above that low. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.2% while the 200-day MA has slid 0.4%.
Apache Corporation is an independent energy company. The Company explores for, develops, and produces natural gas, crude oil, and natural gas liquids. The Company has operations in North America, onshore Egypt, offshore Western Australia, offshore the United Kingdom in the North Sea (North Sea), and onshore Argentina, as well as on the Chilean side of the island of Tierra del Fuego.
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