APA CORP is setting up nicely for a breakout.

APA CORP (NASDAQ:APA) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NASDAQ:APA.

Technical analysis of NASDAQ:APA

ChartMill assigns a Technical Rating to every stock. This score ranges from 0 to 10 and is updated daily. The score is determined by evaluating multiple technical indicators and properties.

Taking everything into account, APA scores 7 out of 10 in our technical rating. In the last year, APA was one of the better performers, but we do observe some doubts in the very recent evolution.

• The long term trend is positive and the short term trend is neutral. The long term trend gets the benefit of the doubt for now.
• Looking at the yearly performance, APA did better than 93% of all other stocks. We also observe that the gains produced by APA over the past year are nicely spread over this period.
• APA is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 79% of 394 stocks in the same industry.
• APA is currently trading in the upper part of its 52 week range. The market is still in the middle of its 52 week range, so APA slightly outperforms the market at the moment.
• In the last month APA has a been trading in the 41.36 - 48.14 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Why is NASDAQ:APA a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:APA scores a 8 out of 10:

APA has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 46.26. Right above this resistance zone may be a good entry point.

How to trade NASDAQ:APA?

One way to play this would be to wait for the actual breakout to happen and buy when the stock breaks out above the current consolidation zone. A possible place for a stop loss would be below this zone.

This article should in no way be interpreted as trading advice. You should always make your own analysis and trade or not trade based on your own observations and style. The article is based purely on some technical observations.

More breakout setups can be found in our Breakout analyzer.