Bearish DailyPlay for Wednesday March 22nd, 2017 – Apache (APA)
The bearish DailyPlay we chose for Wednesday March 22nd is Apache (APA). APA is part of the Energy Sector (XLE). Over the last month, XLE has experienced a 3.26% move lower and its 1m and 6m trend has turned bearish on 3/8 while breaking below its $70 support level.
Apache’s 1m and 6m trends turned bearish on 1/30 and recently bounced lower off its $51 resistance level on high volume. With a technical score of 2 (out of 10), APA is a bearish stock that looks to continue lower.
As a stop loss, if APA was to trade above $51 for multiple days, this would invalidate our analysis and suggest getting out of the trade.