RANGE RESOURCES CORP (NYSE:RRC) Technical Analysis observations.

RANGE RESOURCES CORP (NYSE:RRC) was identified as a Technical Breakout Setup Pattern by our stockscreener. Such a pattern occurs when we see a pause in a strong uptrend: after a strong rise the stock is consolidating a bit and at some point the trend may be continued. Whether this actually happens can not be predicted of course, but it may be a good idea to keep and eye on NYSE:RRC.

What is the technical picture of NYSE:RRC telling us.

ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.

Overall RRC gets a technical rating of 8 out of 10. Although RRC is only a medium performer in the overall market, the technical picture looks good in both the medium and short term time frames.

• Both the short term and long term trends are positive. This is a very positive sign.
• RRC is currently trading in the upper part of its 52 week range. The S&P500 Index is also trading in the upper part of its 52 week range, so RRC is performing more or less in line with the market.
• When comparing the yearly performance of all stocks, we notice that RRC is one of the better performing stocks in the market, outperforming 84% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• RRC is an average performer in the Oil, Gas & Consumable Fuels industry, it outperforms 65% of 217 stocks in the same industry.
• In the last month RRC has a been trading in the 30.41 - 33.71 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of RRC for a complete technical analysis.

Looking at the Setup

Besides the Technical Rating, ChartMill also assign a Setup Rating to every stock. This setup score also ranges from 0 to 10 and determines to which extend the stock is consolidating. This is achieved by evaluating multiple short term technical indicators. NYSE:RRC currently has a 9 as setup rating:

Besides having an excellent technical rating, RRC also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 33.37. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 32.45, a Stop Loss order could be placed below this zone. We notice that large players showed an interest for RRC in the last couple of days, which is a good sign.

Trading breakout setups.

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Important Note: The content of this article is not intended as trading advice. It is essential to perform your own analysis and exercise caution when making trading decisions. The article presents technical observations generated by automated analysis but does not guarantee any trading outcomes. Always trade responsibly and make independent judgments.

Our Breakout screener lists more breakout setups and is updated daily.

Keep in mind

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.