A 140% Nat Gas Winner!
by Mike Paulenoff
August 24, 2020 • 12:00 AM EDT
Back on April 13, with Range Resources (RRC) trading at 3.91, Mike Paulenoff told members in his Trading Room:
"I am very friendly to RR 'down here,' looking for it to climb above 4.90-5.10 nearest key resistance, which will project upside potential to 10.00 next. Only a sharp decline that breaks its 3/13 low at 1.61 will invalidate my current technical set up."
Mike had noted a bottoming pattern on the stock's weekly chart, plus a macro picture of a vulnerable fracking industry with a potential decrease in supply versus demand.
Fast forward to this past Tuesday August 18, and RRC hit a high of 9.37, a full 140% above its price at Mike's April 13 post and just 63 cents shy of Mike's $10 target.
Where is RRC headed next?
Mike produced additional analysis in his Trading Room on Friday, indicating a warning sign of near-term upside exhaustion.
Login to Mike's Trading Room at MPTrader to learn more.
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts on
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More Top Calls From Mike
Last Wednesday (July 14), with AAPL trading at 148.65 but off of its new all-time high at 150, Mike Paulenoff alerted MPTrader members to potentially consequential yellow caution flags emerging in his technical setup work.
Mike wrote:
This morning, JPM raised its Target Price to 175, one day after Citigroup raised its Target Price to 170. Do I hear 180... 185? Crickets at the moment. The Street is falling all over itself in its bullish view of AAPL.
Back on June 24, Mike Paulenoff alerted MPTrader members to a developing bullish technical set-up in solar panel producer Jinko Solar Inc. (JKS):
Mike wrote: "Time to keep an eye on the solar names (JKS, CSIQ, SPWR, FSLR, DQ) because all of them have the right look of either nearing the conclusion of deep multi-month corrections, or starting new uplegs after already completing deep corrections. My sense is that these names ran up big time into the Nov.
During the early afternoon last Thursday (6/24), several hours prior to the release of Nike's (NKE)'s quarterly earnings, Mike Paulenoff posted his chart analysis designed to answer the following question: Does the technical set up in NKE heading into earnings hint at a likely directional price reaction to the news?
Mike wrote: "From the look of my attached Big Picture WEEKLY Chart, the stock looks like it could be about to emerge from a 6-7 month high level bullish
On May 27, Mike Paulenoff posted the following bullish commentary about iron ore producer Cleveland-Cliffs (CLF):
"CLF is up 6.7% today precipitated by the company's announcement that it intends to pay off a slug of debt of holders of Senior Notes due in March 2025! There is nothing Wall Street loves more than profits, but a close second is reduction in debt. Technically, CLF's U-Turn off of Monday's low at 17.
On the morning of May 27th, just hours after Nvidia Corp. (NVDA) reported earnings, Mike Paulenoff gave this bullish assessment to MPTrader members:
"In the absence of damaging weakness beneath last eve's algo, knee-jerk spike low at 611.02, and subsequent follow-through beneath 600, my technical work remains 'friendly,' and points higher, to test the ATH at 648.57, in route to 675-680 thereafter."
The stock, which was trading at 628.