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.
Take a look at the 1-year chart of Range (NYSE: RRC) with the added notations:
RRC declined consistently into the beginning of 2015, but the stock
finally bottomed in January, eventually finding support at $45.00
(green). RRC hit that support level once more in March. Now that the
stock appears to be falling back down to that support level again,
traders could expect some sort of bounce. However, if the $45.00 support
were to break, lower prices should follow.
The Tale of the Tape: RRC has an important level of
support at $45.00. A trader could enter a long position at $45.00 with a
stop placed under the level. If the stock were to break below the
support a short position could be entered instead.
