RRC closes higher for the 2nd day in a row
Range Resources Corporation (RRC) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RRC ended the week -1.91% lower at 3.59 after gaining $0.17 (4.97%) today, significantly outperforming the S&P 500 (1.09%).
Daily Candlestick Chart (RRC as at Oct 11, 2019):
Friday's trading range has been $0.17 (4.86%), that's below the last trading month's daily average range of $0.37. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RRC.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on September 25th, RRC actually lost -7.66% on the following trading day.
Prices are trading close to the key technical resistance level at 3.76 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 3.74 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 3.26 where further sell stops could get triggered. As prices are trading close to October's high at 4.00, upside momentum might accelerate should the market mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Range Resources. Out of 263 times, RRC closed lower 56.65% 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 56.27% with an average market move of -1.25%.