Apache Corp. $APA has been forming a rounded bottom. We started looking at the bullish case for APA in August when price retreated back to the simple moving averages (200, 100, 50) on the daily chart, when price was around $42. It is now trading just above $49, which was a key resistance and neckline.APA daily Chart(click to enlarge)Rounded Bottom:- The daily chart shows price action completing a rounded bottom with bullish momentum. - The RSI reflects the bullish momentum by holding above 40 after it has already pushed above 70. - However, the breakout was not strong. I would have liked to see it push above 50 with strong volume.- So, we must be cautious and anticipate a delayed pullback.Upside to $69:- Looking at the weekly chart, we can see that price is still under the 200-week simple moving average (SMA), another reason we should not discount the possibility of bearish correction. - A close above $50.50 might be needed to convince the market that APA is indeed in a bullish reversal mode. - The upside, even if we believe APA is turning sideways and NOT bullish, could be $69.00. - Note that if price does retreat from $69, APA would essentially be in a wide sideways channel since 2015. APA Weekly Chart(click to enlarge)