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