Looking for a potential breakout? Try Range Resources ($RRC) – August 22, 2022
RRC
Let’s get to Range Resources ( NYSE: RRC ). The stock is up 5 percent and the volume is pretty good, about half of the volume for the day is already traded. I would like to say it’s my trade but it’s not. I was busy working while other people in our trading forum were actually making this trade. The stock popped up above this short-term resistance here and now is ready to run higher.
I like this trade, I think it works really well. One thing I would suggest is, if you are making this trade, probably 10 percent is a pretty wide stop. I would suggest, instead, maybe put it a little bit below $33.00.The middle Bollinger Band is right here at 32.75ish, I would put it just slightly a little bit below that and you have still got a fairly loose stop on this.
In this kind of environment, I like to keep it around 5, something like that. Anyway, this is a trade for you. One thing to think about is, the way this thing has traded around the value-weighted average price it had a big move here and now it is still above this by less than 2 percent. So that’s a trade that you might want to take in an otherwise very choppy market.
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