Patchyq13

RRC | Cup and Handle Breakout Targets ~$34

Long
NYSE:RRC   Range Resources Corporation
Traders...

I’m not sure what’s going to happen with natural gas: additional supply-side constraints, increased demand for power generation and/or exports (looking at you Europe), storage depletion, a colder-than-average winter, continued decreased purchasing power of the dollar by increased QE , the realization by the masses that natural gas is the best “clean” power generation source, or whatever may come - but I do know that this chart is screaming higher prices.

Let’s look at the three reasons below as to why this symbol/chart would be a solid investment:

1) Large cup and handle just broke out on the weekly - price target is ~$34 based on the break.
2) Using EWT , since wave 3 was less than 1.618 of wave 1, an “extended fifth” is possible, which gives extra merit to our target.
3) Placing a Fibonacci retracement on the last wave down, using the 0.382 Fib gives a target of ~$37.

RRC - a screaming buy not to be missed out on!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.