Range Resources (RRC) is a leading U.S. independent natural gas and natural liquified gas producer. The company is scheduled to report quarterly figures after the close of trading Monday. The stock is in a longer-term uptrend, but let's check the indicators.
In this daily bar chart of RRC, below, we can see that prices survived a test of the rising 200-day moving average line. RRC has turned upward and is now trading above the improving 50-day moving average line. The On-Balance-Volume (OBV) line has climbed higher the past year and just made a new high for the move up. The OBV line is foreshadowing higher prices for RRC.
The Moving Average Convergence Divergence (MACD) oscillator is ready to cross above the zero-line for a new outright-buy signal.
In this weekly Japanese candlestick chart of RRC, below, we can see lower shadows as prices tested the rising 40-week moving average line. The weekly OBV line shows a three-year rise. The MACD oscillator is above the zero-line and narrowing toward a new buy signal in the weeks ahead.
In this daily Point and Figure chart of RRC, below, we can see an upside price target in the $35 area.
In this weekly Point and Figure chart of RRC, below, a longer-term price target of $47 is shown.
Bottom line strategy: Continue to hold longs recommended on July 11. Raise stops to $25. $35 and then $47 are the price targets.
