Apache Corporation (APA)
by Sam Collins 10/03/07
Apache Corporation (APA) -- This exploration, development, and production of natural gas, crude oil, and natural gas liquids company has been a darling of the energy analysts. Early this year, APA broke from a channel consolidation at $70 and made a run to an all-time high over $92. Stocks that make a break through $90 usually make it to $100 and APA looks like a good bet to do just that.
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The charts are bullish for both indices, and it looks like they could reach my immediate target.
Thursday's dramatic acceleration, coupled with a 'key reversal day' on Monday, leads me to the conclusion that the markets will continue to rise.
Our internal indicators are now telling us that stocks are still a good value at this level.
The recent pullback in the First Trust ISE-Revere Natural Gas Index Fund (FCG) could offer a good opportunity to accumulate shares.
Unless the S&P 500 closes below 1,020, investors should be buying into this decline.
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