RRC breaks key support level
Range Resources Corporation (RRC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
RRC finished the week 0.83% higher at 15.70 after losing $0.41 (-2.55%) today. Today's closing price of 15.70 marks the lowest close since August 3rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 15.90, Range Resources confirms its breakout through the previous session's low having traded $0.23 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (RRC as at Aug 10, 2018):
Friday's trading range was $0.36 (2.25%), that's slightly below last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Breaking below the key support level at 15.82 today, it is now likely to act as resistance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market broke below the 200-day moving average at 15.74 today for the first time since July 24th.