Apache Looks Bullish

Apache Corp. (APA) closed August with a powerful breakout. The news-inspired ramp attracted the stock's heaviest upside trade since mid-2010. APA closed Friday with a 9% gain as it moved past its early August high as well as the July peak. Today, shares are off slightly but the near-term setup for this independent oil and gas play is now very bullish.

APA was hit hard in mid-August after falling below the July lows. The stock fell all the way down to the $75 area before mounting a sharp turnaround on Aug. 20. This was the stock's second straight lower monthly low after hitting new 2013 highs in mid-June. Heading into last week APA had worked its way back up to a very heavy layer of resistance near the multi-week July lows. The huge upside momentum unleashed Friday easily blew through the $80 resistance area leaving behind what now looks like a significant bottom....144 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.

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