Jim Cramer recently highlighted Apache (APA) as one of 10 companies that could be acquired in 2017, believing Action Alerts PLUS holding Occidental Petroleum (OXY) would be a logical buyer for the oil and gas company.
On a technical basis, APA remains strong and pointed higher. The charts look as good or better than last week.
In this daily chart of APA, above, we can see how APA is holding above the September/October highs. APA is above the rising 50-day and 200-day averages.
While the On-Balance-Volume (OBV) line has yet to move up to a new high with prices, the MACD oscillator is still bullish.
This weekly chart of APA, above, hasn't changed much from last week but remains bullish. The 40-week moving average line is pointed upward. The weekly OBV line is going in the right direction and the MACD oscillator is signaling a new buy signal.
This Point and Figure chart of APA, above, clearly shows the breakout. Measuring the width of the consolidation and projecting upward gives us a longer-term target of $83 for APA. Not bad.