Approaching Resistance - Range Resources

Published on Friday, 03 February 2012 05:48 Written by Danny Miller

New York, February 3rd (TradersHuddle.com) - Shares of Range Resources Corporation (NYSE:RRC) are trading very close to calculated resistance at $60.12 with the current price action closing at just $58.38 placing the stock near levels that make it difficult to buy.

Range Resources Corporation (NYSE:RRC) is an independent oil and gas company that explore, develops, and acquires oil and gas properties. The Company conducts operations primarily in the Southwestern, Appalachian and Gulf Coast regions of the United States.

Range Resources' current stock range is defined by current calculated support defined at $55.58 and by the resistance level at $60.12, the stock is clearly over-extended from support, making it difficult to establishing new long positions at this level.

Traders don't have a clear entry point for Range Resources, as the stock is well above support, however, as the stock pulls back towards $55.58 it will definitely provide a reference point to establish a trade. On the other hand if the stock decides to break above resistance level at $60.12 then traders will get an opportunity to enter Range Resources stock by establishing a position as the stock moves to a higher range.