Range Resources (RRC) was raised to a "buy" recommendation at Mizuho Securities. Let's check out the charts of this independent natural gas, NGL and oil producer.
In this daily bar chart of RRC, below, I can see that the share price staged a strong rally Thursday to close above the 200-day moving average line and above the high closes of March and April.
Trading volume did not expand but the On-Balance-Volume (OBV) line made a new high for the move up telling me that buyers of RRC have been more aggressive than sellers.
The Moving Average Convergence Divergence (MACD) oscillator has just crossed above the zero line for a new outright buy signal.
In this weekly Japanese candlestick chart of RRC, below, I can see a positive-looking picture. Prices have rallied above the 40-week moving average line. The white real body (bullish) clearly marks the start of a new trend higher.
The weekly OBV line shows strength the past two months or so (if you look closely). The MACD oscillator is close to a new buy signal.
In this daily Point and Figure chart of RRC, below, I can see an upside price target in the $38 area.
In this weekly Point and Figure chart of RRC, below, a target of $39 is shown.
Bottom line strategy: Traders could go long RRC at current levels risking to $26. The $39 area is my price target for now.
