We have been stalking Apache Corp. $APA and saw that it was falling to a key support at $42 in August. As we can see now, price indeed found support around $42 and is now pushing towards a key resistance at $49. Apache Corporation (APA) Falls to a Key Support Around $42APA Daily Chart(click to enlarge)Rounded Bottom?- The support at $42 continues a pattern of higher lows since March 2018. - The bounce also confirmed bullish strength as it held above the 200-day simple moving average (SMA). - It is also resulting in formation of a rounded bottom with the neckline at $49. - Also note that the RSI has been holding above 40, which reflects maintenance of bullish momentum.- With these bullish signs, I would not rely on the $49 area to hold outside of the short-term like within a week or two. - Friday's bullish engulfing candle is also encouraging for the anticipation of a bullish breakout. Bullish Target:- A breakout above $49-$50 area would open up the $69 high from 2016. - If price action eventually shows support at the current resistance of $49-$50, then I would become more confident in the $69 target .- Before we get too excited about the bullish prospect, we should note that the weekly chart is still bearish with price below the 200-week SMA. - If price breaks above $51, then we have another major bullish, or at least NOT-bearish signal for the long-term mode. In this scenario, the long-term mode would essentially shift from a bearish market to a sideways one, with bullish outlook capped at $69. APA Weekly Chart(click to enlarge)