Doubling Up, Second Time
A couple of days ago, we took a look at Apache Corp.
(
APA |
Quote |
Chart |
News |
PowerRating) as it
was finding support at two 50% Fibonacci retracements and the 50-day moving
average. We analyzed how when multiple indicators stacked up, the odds of the
setup succeeding became even better.
Â
9-4-2002
12:01:13
Apache Corp. (APA)
appears to be gathering support at two 50% retracements and the 50-day moving
average. APA is down 0.06 at 53.29 and carries a
3-month
relative strength rank of 82 from TradingMarkets.com.
Â
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Today, APA is up for the second consecutive day (+ 1.23 at
55.78).
Â
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At this point, a trader practicing good money management would
most likely sell half the position and move the stop to the initial fill price.
While it looks like the stock will retest the high near $58, protecting profits
is key.
Have a great weekend,
Duke