Bullish on APA? Use this as a roadmap.
Points:
-We broke through horizontal resistance on Friday, and we are gapping up to the 200 period moving average in the premarket hours of monday.
-The premarket high is $19.25 which means 200 moving average is offering up some resistance.
-Assuming the rest of the market cooperates, this stock is heading to retest the breakdown candle high on March 6th of around $23.33.
-During the morning market pullback, the stock will most likely revisit/retest the premarket low of around $16.90, that would be an excellent entry.
-If the stock bounces and finds support sooner, then the bullish case is even greater.
-If the pullback is significant, then expect support at $16.07 or $16.60 which are the close and high of friday respectively.
-Look for a small pullback upon reaching the 200 period moving average, and then some compression while it builds up a push higher.
-Once past the 200 moving average, it should be smooth sailing to $23.
AGAIN, this is assuming the market doesn't decide to tank.
If the market does tank, and the stock stays above Friday's high, look for some consolidation. If it doesn't compress or find support then it'll head back down below the horizontal resistance price of March 7th open on the daily chart.
Turn up
Points:
-We broke through horizontal resistance on Friday, and we are gapping up to the 200 period moving average in the premarket hours of monday.
-The premarket high is $19.25 which means 200 moving average is offering up some resistance.
-Assuming the rest of the market cooperates, this stock is heading to retest the breakdown candle high on March 6th of around $23.33.
-During the morning market pullback, the stock will most likely revisit/retest the premarket low of around $16.90, that would be an excellent entry.
-If the stock bounces and finds support sooner, then the bullish case is even greater.
-If the pullback is significant, then expect support at $16.07 or $16.60 which are the close and high of friday respectively.
-Look for a small pullback upon reaching the 200 period moving average, and then some compression while it builds up a push higher.
-Once past the 200 moving average, it should be smooth sailing to $23.
AGAIN, this is assuming the market doesn't decide to tank.
If the market does tank, and the stock stays above Friday's high, look for some consolidation. If it doesn't compress or find support then it'll head back down below the horizontal resistance price of March 7th open on the daily chart.
Turn up
Comment:
low was $16.56 boys, however wasn't a very fast mover. not sure if it'll move sufficiently before a market reversal so be careful.