Several key technical factors are lining up for Range Resources (RRC) across multiple timeframes. An inverse head-and-shoulders pattern has formed on the daily chart with a target at $46 and a stop-loss at $38. On the weekly chart, the stock is bouncing for the fifth time from the lower boundary of its upward-sloping channel established since late 2022. RRC is a component of the XOP ETF, which itself is attempting to break out from a 10-year-plus bullish technical base. The relative performance of RRC versus XOP is testing a major trendline, suggesting an imminent technical inflection point.
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