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Natural Gas Resource Name Coiled in High Tight Bull Flag

by | Jun 11, 2024

Range Resources (RRC) shares of the natural gas name are seeing a bullish MACD cross this week and closed strong at highs on Tuesday nudging up just above monthly value resistance of 37.50 and now have space to breakout toward 40 as a first target. Nat gas is making a big move this past week and a lot of the energy stocks exposed to Nat gas should follow to highs. RRC has a very coiled weekly chart flag also up here and a nice cup and handle look that could explode beyond 40 this summer if prices stay bid. RRC still has 1300 September $40 calls in open interest from buyers on 4/5 at $1.40.

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