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Range Resources Corporation

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RRC trade ideas

RRC: Sort opportunityAn intraday high potential, Back Tested Sort Analysis. We ll try to enter into the correction of the uptrend movement tracking trend oscillators as below: Price is likely to move within the parallel channel having the potential to break it down. CCI double top divergence waiting to break down the zero level. DETAILS ON THE CHART NOTE: Entry range area above the entry point, is calculated upon 80% of the recorded pullback back tested past performances DISCLAIMER: This is a technical analysis study, not an advice or recommendation to invest money on.
NYSE:RRCShort
by TradingStatistics
10
Possible change in trend on RRCMy first attempt at buying springs at new lows, based on my backtesting, they offer great risk:reward profiles. They don't work a huge amount of the time, but when they work (turn into a change of trend) they more than make up for the losses, plus even when they don't work, we usually get some sort of knee jerk reversal for a small profit (like we did today). Gap down on large volume to new lows on Friday, followed by a higher low yesterday. I believe this Spring has an above average chance of turning into at least a moderate trend reversal because we have been trading sideways since the major gap down (SC-Selling Climax) in early August, and prior to that gap down, there was a 2 month trading range. I think we retest the support level back in June and July at the $21 level. Went long on some short dated $19 calls and longer dated $19 calls yesterday. Sold stock as hedge today, in case spring fails and we resume the long term down trend (which occurs more often than not); but locked in today's profits, and kept myself in play if a moderate to major trend change occurs. Good trading all.
NYSE:RRCLong
by npatz_2000