A 140% Nat Gas Winner!
by Mike Paulenoff
August 24, 2020 • 12:00 AM EDT
Back on April 13, with Range Resources (RRC) trading at 3.91, Mike Paulenoff told members in his Trading Room:
"I am very friendly to RR 'down here,' looking for it to climb above 4.90-5.10 nearest key resistance, which will project upside potential to 10.00 next. Only a sharp decline that breaks its 3/13 low at 1.61 will invalidate my current technical set up."
Mike had noted a bottoming pattern on the stock's weekly chart, plus a macro picture of a vulnerable fracking industry with a potential decrease in supply versus demand.
Fast forward to this past Tuesday August 18, and RRC hit a high of 9.37, a full 140% above its price at Mike's April 13 post and just 63 cents shy of Mike's $10 target.
Where is RRC headed next?
Mike produced additional analysis in his Trading Room on Friday, indicating a warning sign of near-term upside exhaustion.
Login to Mike's Trading Room at MPTrader to learn more.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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