Technical trade #1: Apache Corp. (APA)

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apache technical analysisThe U.S. dollar continues to show weakness, and oil will likely continue to be a good hedge against its further deterioration.

Apache Corp. (NYSE: APA), which is a large oil and natural gas exploration and production company, should continue to benefit from the dollar's fall.

APA fell from almost $150 in May 2008, to $51 in March. Energy prices improved, and so did this stock as it built a base on a double cup-and-handle formation.

In September, a major breakout from the handle took the stock above $95 on very high volume.

apache

The target for the breakout is about $130, but long-term holders may very well see new all-time highs for the stock. S&P ranks Apache as a strong buy (five stars).

Next: Stock #2: AT&T

Symbol Lookup
IndexesChangePrice
DJIA+163.7710,072.16
NASDAQ+25.112,151.16
S&P 500+13.791,070.53

Last updated: February 09, 2010: 02:22 PM

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