RRC breaks back below 50-day moving average
Range Resources Corporation (RRC) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
RRC finished the week 7.46% higher at 10.52 after losing $0.37 (-3.4%) today on high volume, notably underperforming the S&P 500 (0.5%).
Daily Candlestick Chart (RRC as at Mar 15, 2019):
Friday's trading range has been $0.41 (3.82%), that's slightly below the last trading month's daily average range of $0.46. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RRC.
One bearish candlestick pattern matches today's price action, the Black Candle.
Range Resources closed back below the 50-day moving average at 10.82. When this moving average was crossed below the last time on March 6th, RRC lost -2.64% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 10.96 where further buy stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Range Resources. Out of 451 times, RRC closed lower 58.09% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.55% with an average market move of -0.32%.