RSP Permian Inc (NYSE: RSPP)

RSP Permian, Inc., an independent oil and natural gas company, engages in the acquisition, exploration, development, and production of unconventional oil and associated liquids-rich natural gas reserves in the Permian Basin of West Texas. It owns interest in contiguous acreage blocks in the core of the Midland Basin, a sub-basin of the Permian Basin, primarily in the adjacent counties of Midland, Martin, Andrews, Dawson, Ector, and Glasscock. The company operates approximately four horizontal rigs and four vertical rigs in the Midland Basin.
Take a look at the 1-year chart of RSP (NYSE: RSPP) below with my added notations:

RSPP declined from June until mid-December. After that, the stock started a recovery back up to the $30 level (blue). As a matter of fact, over the course of the last 6 months RSPP has created an obvious resistance at that same $30 level. A break above $30 should mean higher prices for the stock.

The Tale of the Tape: RSPP has a key level of resistance at $30. A long trade could be entered on a break through that level. However, if you are bearish on the stock, a short trade could be made on any rallies up to $30.
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