Range Resources Corporation Stock Forecast
Stronger technical forecast for Range Resources Corporation stock price after Tuesday trading.
(Updated on Apr 23, 2024)
The Range Resources Corporation stock price gained 1.32% on the last trading day (Tuesday, 23rd Apr 2024), rising from $36.11 to $36.59. It has now gained 4 days in a row. It will be exciting to see whether it manages to continue gaining or take a minor break for the next few days. During the last trading day the stock fluctuated 3.36% from a day low at $35.76 to a day high of $36.96. The price has been going up and down for this period, and there has been a 1.06% gain for the last 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 428 thousand more shares were traded than the day before. In total, 3 million shares were bought and sold for approximately $103.87 million.
The stock lies in the middle of a wide and strong rising trend in the short term and a further rise within the trend is signaled. Given the current short-term trend, the stock is expected to rise 26.42% during the next 3 months and, with a 90% probability hold a price between $43.79 and $48.61 at the end of this 3-month period.
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RRC Signals & Forecast
The Range Resources Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock. Also, there is a general buy signal from the relation between the two signals where the short-term average is above the long-term average. On corrections down, there will be some support from the lines at $35.35 and $34.16. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Wednesday, April 17, 2024, and so far it has risen 5.37%. Further rise is indicated until a new top pivot has been found. Volume is rising along with the price. This is considered to be a good technical signal. Some negative signals were issued as well, and these may have some influence on the near short-term development. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD).
Support, Risk & Stop-loss for Range Resources Corporation stock
On the downside, the stock finds support just below today's level from accumulated volume at $32.88 and $31.78. There is a natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, Range Resources Corporation finds support just below today's level at $32.88. If this is broken, then the next support from accumulated volume will be at $31.78 and $28.85.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $1.20 (3.36%) between high and low. For the last week, the stock has had daily average volatility of 2.47%.
Our recommended stop-loss: $35.13 (-3.98%) (This stock has low daily movements and this gives low risk. There is a buy signal from a pivot bottom found 4 days ago.)
Trading Expectations (RRC) For The Upcoming Trading Day Of Wednesday 24th
For the upcoming trading day on Wednesday, 24th we expect Range Resources Corporation to open at $36.44, and during the day (based on 14 day Average True Range), to move between $35.74 and $37.43, which gives a possible trading interval of +/-$0.85 (+/-2.32%) up or down from last closing price. If Range Resources Corporation takes out the full calculated possible swing range there will be an estimated 4.64% move between the lowest and the highest trading price during the day.
With no resistance above and support from accumulated volume @ $32.88, some $3.71 (10.13%) from the current price of $36.59, our system finds the risk reward attractive.
Is Range Resources Corporation stock A Buy?
Range Resources Corporation holds several positive signals and is within a strong rising trend. As the old saying says, "Let the trend be your friend.'". We therefore consider it to be a good choice at these current levels and we are expecting further gains during the next 3 months. We have upgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Strong Buy candidate.
Current score: 6.478 Strong Buy Candidate Upgraded
Predicted Opening Price for Range Resources Corporation of Wednesday, April 24, 2024
Fair opening price April 24, 2024 | Current price |
---|---|
$36.44 ( 0.410%) | $36.59 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for RRC
Fibonacci Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 37.64 | 2.87 % | |
R2 | 37.18 | 1.62 % | ||
R1 | 36.89 | 0.84 % | ||
Current price: | 36.59 | |||
Support | S1 | 35.98 | -1.66 % | |
S2 | 35.69 | -2.44 % | ||
S3 | 35.24 | -3.69 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 0 | . | |
R2 | 0 | . | ||
R1 | 0 | . | ||
Current price | 36.59 | |||
Support | S1 | 32.88 | -10.13% | |
S2 | 31.78 | -13.13% | ||
S3 | 28.85 | -21.14% |
RRC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Mar 01, 2024 | Mar 14, 2024 | Mar 29, 2024 | $0.0800 | 0.232% |
2 | Dec 01, 2023 | Dec 14, 2023 | Dec 29, 2023 | $0.0800 | 0.263% |
3 | Aug 31, 2023 | Sep 14, 2023 | Sep 29, 2023 | $0.0800 | 0.247% |
4 | May 31, 2023 | Jun 15, 2023 | Jun 30, 2023 | $0.0800 | 0.272% |
5 | Mar 01, 2023 | Mar 14, 2023 | Mar 31, 2023 | $0.0800 | 0.302% |
FAQ
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