Range Resources Corp. (NYSE: RRC)

Range Resources Corporation, an independent natural gas, natural gas liquids (NGLs), and oil company, engages in the acquisition, exploration, and development of natural gas and oil properties in the United States. It holds interests in developed and undeveloped natural gas and oil leases in the Appalachian and Midcontinent regions. The company owns 7,582 net producing wells and approximately 1.4 million net acres under lease in the Appalachian region; and 653 net producing wells and approximately 383,000 net acres under lease in the Midcontinent region. In addition, it provides gas gathering and transportation from southwestern and northeastern Pennsylvania. The company sells natural gas to utilities, marketing and mid-stream companies, and industrial users; NGLs to natural gas processors or users of NGLs; and oil and condensate to crude oil processors, transporters, and refining and marketing companies.
Take a look at the 1-year chart of Range (NYSE: RRC) below with my added notations:

RRC has been declining for most of the past year, especially over the last 5 months. However, over the past 3 months the stock has created a key price level to watch at $40 (red). As you can see, $40 was both support back in July, and resistance over the most recent 2 months. A break above that $40 level should mean higher prices for the stock.

The Tale of the Tape: RRC has a key level of resistance at $40. 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 $40.