NYSE:RRC   Range Resources Corporation
this thing was pumped & above it's 200D for some time; they need to let the air out and retest some key support levels prior to earnings . Originally wanted a straddle because this thing is perfect for short term put/call legs but the way this looks ill on the chart just asks for a naked put then diagnose in a couple sessions. Another ~7-15% slide and I'll roll into a long dated call with 2x downside hedging. Nat gas isn't the sexy trade going into summer. Risk/reward worth it, thing is trading mental, volume drying up, has no idea where its fair value lies. Likely below where it's currently priced IMO.
Comment: sold my puts in this, 65% profit. bounced off support ~$8.49 where I suspected it would. Thinking it trades a bit sideways-to-up on account of nat gas demand re: cold weather & snow lingering across many parts of the midwest. Eyeing seasonal weakness going into summer. Really fun trading this name with straddles 🤙🏽
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