Good technical signals and a possible breakout for RANGE RESOURCES CORP.

We've identified RANGE RESOURCES CORP (NYSE:RRC) as a potential breakout candidate based on our stock screener's analysis. This breakout setup pattern suggests that after a strong uptrend, the stock is currently consolidating, potentially signaling a continuation of the trend. Keep an eye on NYSE:RRC for further developments.

Technical analysis of NYSE:RRC

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple 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 part of the Oil, Gas & Consumable Fuels industry. There are 205 other stocks in this industry. RRC outperforms 75% of them.
• In the last month RRC has a been trading in the 33.36 - 36.74 range, which is quite wide. It is currently trading in the middle of this range where prices have been consolidating recently, this may present a good entry opportunity, but some resistance may be present above.
• When comparing the yearly performance of all stocks, we notice that RRC is one of the better performing stocks in the market, outperforming 79% of all stocks. However, this overall good ranking is mostly due to the recent strong move.
• RRC is currently trading in the middle of its 52 week range. The S&P500 Index however is currently trading near new highs, so RRC is lagging the market.

For an up to date full technical analysis you can check the technical report of RRC

How does the Setup look for NYSE:RRC

Besides the Technical Rating, ChartMill assigns a Setup Rating to every stock to determine the degree of consolidation. This rating, ranging from 0 to 10, is updated daily and evaluates various short-term technical indicators. NYSE:RRC currently holds a 9 as its setup rating, suggesting a particular level of consolidation in the stock.

Besides having an excellent technical rating, RRC also presents a decent setup pattern. Prices have been consolidating lately. There is very little resistance above the current price. There is a support zone below the current price at 35.03, 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.

How to trade NYSE:RRC?

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.

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

This article should in no way be interpreted as advice. 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.