Since August -- yes August -- Apache (APA) has been bottoming.
In this daily chart of APA, above, we can see the shift in direction beginning in August. Price and the On-Balance-Volume (OBV) line bounced, and both began to bottom. The Moving Average Convergence Divergence (MACD) oscillator turned up in August and made a higher low in October, when the price of APA made a lower low -- a bullish divergence. The OBV line made an equal low in September versus August. Prices are now back above the 50-day and 200-day moving averages, and the slope of these two averages is neutral.
This longer-term chart of APA, above, is interesting. APA has suffered a major decline. It has met the first requirement of a reversal -- having something to reverse. A decline to almost $30 from over $100 is clearly something to reverse.
Prices are now above the 40-week moving average. The average line has yet to turn up, but it could come soon. The OBV line has been in a neutral or sideways trend since August, even when prices moved lower. The MACD oscillator is rising after a number of "cover shorts" buy signals.
Bottom line. We like what we see on the charts of APA. Crude oil could decline on any given day or week and APA could dip to around $40. That would be an attractive level to probe the long side of APA. The dollar could weaken and oil could get a lift and APA could head higher. If APA breaks above its November high around $55, we want to be a buyer. One company with two strategies to get long.