Top Takes From RealMoney

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1. Apache Extends Breakout

By Gary Morrow
1:56 P.M. EDT

Despite a huge drop in commodity prices, Apache(APA Quote) reported a strong first quarter. The stock was up 5% following yesterday's release on very heavy trade.

The shares began Thursday with a powerful gap higher open that lifted them above a six-week base. The consolidation pattern Apache has left behind began in mid-March as bulls picked up shares at a very heavy pace for eight straight days. Apache rallied 20% during this period before topping out at $70.00 on March 19.

APA Daily (NYSE) Apache TradeStation

Until yesterday, this high held numerous times as the stock moved sideways in a narrowing pennant formation. Now that this base is in the rearview mirror it will now serve as a strong support level. A dip back down to the $70.00 area would be a low-risk buying opportunity.

On the upside, a logical near-term target would be Apache's 200-day moving average near $81.00. Apache has not traded near its 200-day since the beginning of the September collapse. I would expect some significant supply here.

No positions.