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Possible Bearish Inside Day Candle Pattern Detected for Range Resources (NYSE:RRC)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Range Resources (NYSE:RRC) based on the price action in the company's shares. Today's price range of $3.10 and $3.22 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Range Resources may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Range Resources Corporation is an independent oil and gas company that explores, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian, and Gulf Coast regions of the United States.

Over the past year, Range Resources has traded in a range of $1.61 to $11.11 and is now at $3.14, 95% above that low. The 200-day and 50-day moving averages have moved 1.38% lower and 0.8% lower over the past week, respectively.

Range Resources (NYSE:RRC) has potential upside of 583.4% based on a current price of $3.14 and analysts' consensus price target of $21.44. The stock should find resistance at its 200-day moving average (MA) of $4.10, as well as support at its 50-day MA of $2.81.

SmarTrend recommended that subscribers consider buying shares of Range Resources on March 16th, 2020 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $2.80. Since that recommendation, shares of Range Resources have risen 9.1%. We continue to monitor RRC for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle range resources

Ticker(s): RRC