Today, we highlight a long opportunity within the energy sector via Range Resources Corp. (RRC):
RRC is showing improvement on its daily chart, including minor signs of downside exhaustion per the daily DeMARK Indicators®. The resulting bounce appears to have established a higher low, and it created a stochastic upturn, while short-term momentum also improved.
RRC entered a trading range in mid-2022, and it has held long-term support at ~$23.60 over the course of the consolidation. Though the weekly stochastics have recently neutralized, intermediate-term momentum has improved, which should keep support intact and help lift RRC higher.
We expect RRC to rise into the weekly cloud, so we assign a price target at the upper bound of cloud resistance, which is currently near $29.50. A stop-loss can be placed near $25.10, referencing the daily cloud as minor support.
Range Resources Corp. (RRC, $26.28)
Target: $29.50
Stop-loss: $25.10