Apache Gets Tomahawk Chopped
This morning, leading independent oil and gas explorer and developer Apache Corp (NYSE:APA) is coming under sharp selling pressure. Today, the stock is trading lower by $2.56 to $76.43 a share. Earlier today, the stock was downgraded to hold from buy at Stifel. Short term day traders should watch for an important intra-day support level around the $75.50 level. This is an area where the stock could see an intra-day bounce. It is important to note that the stock is signaling weak relative strength to the major stock indexes on an intra-day basis, so if the major stock indexes drop or decline sharply APA stock is vulnerable to trade lower as well.