Contrarian bet on APA

11 Jul 2019

Since oil has been rallying (ruining my earlier short trade) and apparently forming more complex correction pattern which will take time to complete I will go with short-term bullish indications I see in some oil stocks.
Take Apache. Everyone hates it. Yahoo puts it on the list of 4 stocks to sell. Simplywall.st says it is more than 4 times overvalued. Perfect bet for a technical contrarian)))

I will make a small speculative bet that the oil price will raise the stock to $35 before it collapses to new lows.

0.23% risk on the trade. No specific strategy just see what happens.