RRC closes below its opening price unable to hold early session gains
Range Resources Corporation (RRC) Technical Analysis Report for Jul 08, 2020 | by Techniquant Editorial Team
RRC ended Wednesday at 6.63 edging lower $0.07 (-1.04%), notably underperforming the S&P 500 (0.78%). Trading $0.24 higher after the open, Range Resources was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (RRC as at Jul 08, 2020):
Wednesday's trading range has been $0.42 (6.25%), that's slightly below the last trading month's daily average range of $0.49. 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.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
After having been unable to move above 6.98 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 6.96. The last time this happened on June 25th, RRC lost -8.69% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 6.98 where further buy stops could get triggered.