APA has been struggling financially for a while and has been trading in this downward channel just reaching the top border. Consistent rejections have been apparent especially as it approaches the 0.618 golden zone on our Fibonacci retracement.
Macro outlook there is a strong consensus that oil prices are going to see a decline continue for the rest of the year. The sheer supply of oil is already outstripping demand leading to storage of oil globally which is not only costly but has increased costs for companies. S/D analysts at goldman predict 4x in supply over the forthcoming year leading to lower oil prices.
APA will most likely struggle under these conditions, therefore im looking to sell
Macro outlook there is a strong consensus that oil prices are going to see a decline continue for the rest of the year. The sheer supply of oil is already outstripping demand leading to storage of oil globally which is not only costly but has increased costs for companies. S/D analysts at goldman predict 4x in supply over the forthcoming year leading to lower oil prices.
APA will most likely struggle under these conditions, therefore im looking to sell
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.