Is RANGE RESOURCES CORP (NYSE:RRC) Ready to Break Out of Its Range?

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.

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

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 9 out of 10. Both in the recent history as in the last year, RRC has proven to be a steady performer, scoring decent points in every aspect analyzed.

• The long term trend is positive and the short term trend is neutral. The long term trend may just continue or reversal may be around the corner!
• 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.
• RRC is one of the better performing stocks in the Oil, Gas & Consumable Fuels industry, it outperforms 83% of 210 stocks in the same industry.
• 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.
• In the last month RRC has a been trading in the 36.82 - 40.49 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.

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

Looking at the Setup

Alongside the Technical Rating, ChartMill assigns a Setup Rating to evaluate the consolidation level of a stock. This rating, ranging from 0 to 10, is updated daily and considers various short-term technical indicators. The current setup rating for NYSE:RRC is 9:

Besides having an excellent technical rating, RRC also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price. There is a support zone below the current price at 37.54, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How to trade NYSE:RRC?

A breakout opportunity may arise when the stock surpasses the current consolidation zone and reaches new highs. Traders often wait for this breakout before considering buying the stock. To manage risk, a stop loss order could be placed below the consolidation zone to limit potential losses.

Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.

More breakout setups can be found in our Breakout screener.

Disclaimer

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.