Oil & Gas stocks are setting up and breaking out all over the place. XLE and XOP are in really nice pullback buy levels. XOM setup and breakout is a tell imo. Commodities acting well. RRC has been sideways for a nearly a year and appears to breaking out of a cup and handle formation. I'm long via Dec $37 calls today.
NYSE:RRC painted rounding bottom on 1w timeframe, as well as it drew a cup with handle on 1h timeframe. It strictly hitting a key levels on all the timeframes and exactly shows readiness for the next ascending steps.
I propose, we will be able to watch a good long till the end of 2023. If it happens, it will mean a clear next investing points for 2024-2026...
Range Resources price action shows strength. It has a great set up to run into the new year and test historical resistance in the 45-50 dollar area. It is levered to oil and natural gas prices which are expected to rise.
I am long-term bullish on RRC as I see their bullish flag which if can break above it could make new highs (20-50 days) interesting to watch this underlying.
Fundamentals
The fundamentals are obviously strong after the last year and a half
The revenue and profits skyrocketed as the price of oil went up. All the measures possible are flashing green, whether its EPS growth, ROE, ROA, debt-to-equity etc.
Valuation is still low , just like the wider energy market, due to ESG reasons and just a general...
1/3 Position
Natural gas company with amongst the best hedges to protect their revenue and profits during this natural gas downturn. Natural gas also looks to be bottoming @ 2.00.
Entry: 24.60
To add on further pullback
Well I must stick to the TAPE, as the Fundamentals show how wrong I was.
I Hope the stock gets support in the BUY Zone where I can ADD to my position.
Enjoy the RISK.
Regards Graham.
Back testing like this always leads to a nasty Move one way or another. I really Like THE 3/17/23 25c TRADING AT 1.15 per contract,. It also has a nice setup for a straight shares purchase. One can even use a Put as a collar. So the trade has a few options. We can go to old faithful and write June 18P for a .75 credit, Or buy 100 shares at current price and Buy a...
Range Resources rallied from $1.61 all the way over $37 for an impressive over 2,100% gain. Since, the stock has cooled to allow for profit taking and reset for the next move up. RRC appears to be in some sort of an ending diagonal with a 3-3-3-3-3 structure. Time will tell how it plays out, but it appears to be setting up for an incredible opportunity.
Nice consolidation at point of control after bearish hammer and first bear candle closing below 10 EMA.
If we break down expect a nice downward impulse.
I have positions in $EQT $OXY $CLR but $RRC is another #energy name that's looking pretty good.
Note again, most #oil names have their 50s slowing down (red). Some more than others. So high chance price across many pullback to give that 50 line time turn back up (think gravity).
Range Resources Corp is in the exploration and production of AMEX:USO and AMEX:UNG in the US.
It was recentlty feature in IBD and got me interested because its good looking cup & handle. Today managed to breakout with a gap. This gap should act as resistance.
As the market still needs to prove itself, I won't buy this breakout but the breakout from today's...
As shown, majority of energy stocks are starting to correct. Looking into the future, we believe these companies will provide amazing opportunities. We expect barrels of oil to reach $300-400 a barrel by the end of the decade. Recommend tracking this sector very closely for amazing opportunities.
