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Bullish chart patterns are emerging for Range Resources, Frank Cappelleri says

Several key technical factors are now lining up to favor the oil and gas explorer and producer, across multiple time frames.

Bullish chart patterns are emerging for Range Resources, Frank Cappelleri says

TL;DR

  • RRC shows a potentially bullish inverse head-and-shoulders pattern on its daily chart with a target of $46 and a stop loss at $38.
  • On the weekly chart, RRC is trading in an upward-sloping channel and has shown a history of bouncing from the lower boundary.
  • The SPDR S&P Oil & Gas Exploration & Production ETF (XOP) is attempting to break out from a 10-year bullish base.
  • RRC's relative performance versus XOP is testing an uptrend line, suggesting a potential turning point.
  • Multiple technical factors across daily, weekly, and relative strength charts indicate a potential inflection point for RRC.

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