RRC breaks key support level


Range Resources Corp. (RRC) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
RRC breaks key support level
RRC dominated by bears dragging the market lower throughout the day
RRC breaks below 200-day moving average
RRC ends the day on a bearish note closing near the low of the day
RRC breaks below previous session low
TQ Sentiment
Report Sentiment: 83% Bearish
Technical Forecast:
Overview

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 chart for RRC
Volatility

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.

Support/Resistance

Breaking below the key support level at 15.82 today, it is now likely to act as resistance going forward.

Trend

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.

Conclusion

Even though both sentiments are bearish for the next trading day, our quantitative statistics are only bearish while the classical technical analysis metrics show a very bearish sentiment.

Market Conditions for Range Resources Corp.
Condition Forecast Direction Win Avg Worst Best Events
2 Consecutive Lower Closes TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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