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| Apache Corp. (APA) Shares Enter Oversold TerritoryBy Energy Stock Channel Staff, Friday, September 30, 11:28 AM ET
In trading on Friday, shares of Apache Corp. (NYSE:APA) entered into oversold territory, changing hands as low as $80.05 per share. We define oversold territory using the Relative Strength Index, or RSI, which is a technical analysis indicator used to measure momentum on a scale of zero to 100. A stock is considered to be oversold if the RSI reading falls below 30. In the case of Apache Corp., the RSI reading has hit 28.0 — by comparison, the universe of energy stocks covered by Energy Stock Channel currently has an average RSI of 41.6, the RSI of WTI Crude Oil is at 40.5, and the RSI of Henry Hub Natural Gas is presently 40.9. A bullish investor could look at APA's 28.0 reading as a sign that the recent heavy selling is in the process of exhausting itself, and begin to look for entry point opportunities on the buy side. Looking at a chart of one year performance (below), APA's low point in its 52 week range is $80.05 per share, with $134.13 as the 52 week high point — that compares with a last trade of $80.77. Apache Corp. shares are currently trading down about 2.9% on the day.
According to the ETF Finder at ETF Channel, APA makes up 8.35% of the iShares Dow Jones U.S. Oil & Gas Exploration & Production Index Fund ETF (AMEX:IEO) which is trading lower by about 2.7% on the day Friday. See what other ETFs contain APA » APA operates in the Oil & Gas Exploration & Production sector, among companies like Enerplus Corp (NYSE:ERF) which is down about 0.6% today, and Ultra Petroleum Corp. (NYSE:UPL) trading lower by about 1.7%. Below is a three month price history chart comparing the stock performance of APA, versus ERF and UPL.
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