Trading Idea - Is Apache close to Support?

Published on Monday, 08 February 2010 20:24 Written by Christian Paolinetti

New York, Feb 8^th (TradersHuddle.com) - Shares of Apache Corporation (NYSE:APA) are trading very close to calculated support at $95.15 with current price action closing at just $97.19 places the stock price near levels where traders will start paying attention.

Apache Corporation (NYSE:APA), together with its subsidiaries, engages in the exploration, development, and production of natural gas, crude oil, and natural gas liquids. The company sells its natural gas to local distribution companies, utilities, end-users, integrated oil and gas companies, and marketers; and crude oil to integrated oil companies, purchasers, transporters, and refiners.

Apache's current stock range is defined by current calculated support defined at $95.15 and by the resistance level at $104.97, which should be used by traders planning their trades.

Traders wanting to establish a position should place close attention to Apache's price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $104.97 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.