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Is $APA Ready For A Bounce? Where Will You Buy It?

|Includes:Apache Corporation (APA)

The past weeks we saw some heavy selling into $APA, but the daily chart has formed a bottoming tail. Many people will jump on board when they see things like this, as professional trader you want only the best level! So I wait for a 50% retrace of this level to take a long position.

The price where I will look for a long play will be a retrace to the $68.69, the stop on this play will be any close below the low and that is $67.94 I will look for a $3 bounce as first target.

(click to enlarge)Click to enlarge

Kristof De Block

Stocks: APA