Range Resources Corp. (RRC) has been slowly making a base pattern. Prices and indicators have improved enough for traders to nibble from the long side. Let's take a look at the charts and indicators to appraise the potential and the risk.
In this daily bar chart of RRC, below, we can see a low in February and a slightly higher low in late April/early May. This month RRC has moved above its March highs to create an uptrend - a series of higher highs and higher lows. Prices are above the rising 50-day moving average line and above the bottoming/flattening 200-day average line. The volume pattern shows one notable feature this month. Volume swelled to over 50 million shares on a down day. There was some intense selling but the key thing to notice is that this selling did not precipitate a decline. In other words the selling was absorbed by investors with a longer time horizon. Overall the On-Balance-Volume (OBV) line shows an uneven recovery from February. The trend-following Moving Average Convergence Divergence (MACD) oscillator moved above the zero line in May for an outright go long signal.

In this weekly bar chart of RRC, below, we can see the end of the long downtrend in RRC with prices rallying above the flattening/bottoming 40-week moving average line. The weekly OBV line does not show much improvement but the MACD oscillator is close to crossing above the zero line for a longer time frame buy signal.
In this Point and Figure chart of RRC, below, we can see a breakout at $17 and a price target of $22. After that long decline it is a start in the right direction.
Bottom line: Traders could go long RRC at current levels risking to $14 looking for gains to $22 and maybe higher.