The question on everyone's mind: Will RANGE RESOURCES CORP breakout?

RANGE RESOURCES CORP (NYSE:RRC) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NYSE:RRC.

Technical Analysis Observations

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 8 out of 10 to RRC. 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 near its 52 week high, which is a good sign. The S&P500 Index however is also trading near new highs, which makes the performance in line with the market.
• In the last month RRC has a been trading in the 30.41 - 33.88 range, which is quite wide. It is currently trading near the high of this range.
• Looking at the yearly performance, RRC did better than 85% of all other stocks. However, this relatively good performance is mostly due to a recent big move.
• RRC is part of the Oil, Gas & Consumable Fuels industry. There are 217 other stocks in this industry, RRC did better than 63% of them.

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

How do we evaluate the setup for NYSE:RRC?

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:

RRC has an excellent technical rating and also presents a decent setup pattern. We see reduced volatility while prices have been consolidating in the most recent period. 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 32.58, 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 setups like NYSE:RRC

To potentially initiate a trade, it is common practice to wait for the stock to break out of the consolidation zone. This breakout signifies a potential upward movement, and traders may enter the stock at that point. Conversely, if the stock falls back below the consolidation zone, it may be sold at a loss.

Of course, there are many ways to trade or not trade NYSE:RRC and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

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 observations created by automated analysis but does not guarantee any trading or investment outcomes. Always trade responsibly and make independent judgments.