X
<

Will Range Resources Stock Start a New Uptrend?

PART:
1 2 3 4
Will Range Resources Stock Start a New Uptrend? PART 1 OF 4

Will Range Resources Stock Start a New Uptrend?

Range Resources stock 

For the week ending March 9, 2018, Range Resources (RRC) stock rose more than 7% or from $14.65 to $15.74. Range Resources stock increased on Monday and touched its 50-day moving average. For the next three days, Range Resources stock consolidated around its 50-day moving average. On Friday, the stock moved strongly due to higher volumes and closed above its 50-day moving average. As of March 9, Range Resources’ 50-day and 200-day moving averages stand at $15.09 and $18.33, respectively. Range Resources is trading at $15.74.

Will Range Resources Stock Start a New Uptrend?

Interested in RRC? Don't miss the next report.

Receive e-mail alerts for new research on RRC

Success! You are now receiving e-mail alerts for new research. A temporary password for your new Market Realist account has been sent to your e-mail address.

Success! has been added to your Ticker Alerts.

Success! has been added to your Ticker Alerts. Subscriptions can be managed in your user profile.

Currently, Range Resources is approaching a very critical resistance at ~$16.00. The resistance is on the down-trending line joining Range Resources’ December 2016 high and January 2018 high. The down-trending line represents Range Resources’ downtrend for the last two years. If Range Resources stock moves above this resistance, there’s a strong possibility of a new sustained uptrend in Range Resources stock.

Natural gas is rising

Last week, natural gas (UNG) (UGAZ) (DGAZ) prices rose for the third consecutive week. Natural gas prices increased from $2.69 per MMBtu (million British thermal units) to $2.73 per MMBtu. As of March 9, natural gas’s 50-day and 200-day moving averages stand at $2.86 and $2.94, respectively. Natural gas is trading at $2.73 per MMBtu.

Due to higher natural gas (UNG) prices last week, the First Trust Natural Gas ETF (FCG) increased ~1%. Range Resources outperformed the First Trust Natural Gas ETF (FCG).

Next, we’ll discuss Range Resources’ correlation coefficient with natural gas prices.

X

Please select a profession that best describes you: