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.
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.
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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