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
This past Monday September 19, Mike Paulenoff alerted MPTrader members to an emerging setup in Raytheon Technologies (RTX), noting:
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The QQQ is strong ... heading towards a confrontation with its key resistance zone from 312.80 to 316.15 where my work expects QQQ behavior to inform us about the true underlying dominant trend-- to the upside in an extension of the June-August advance, or to the downside in extension and completion of the Aug-Sep.
On August 8, Mike Paulenoff was asked for chart analysis on CHPT by an MPTrader member.
Before the opening bell, Mike responded with the following chart-based commentary:
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AAPL has pressed beneath its prior pullback low at 166.
Mike Paulenoff called this past weeks sell-off in AAPL ... and the market in general.
On Thursday Aug 18, with AAPL at 173.84, Mike told his MPTrader members: I am in the camp expecting the latter downside scenario, notwithstanding The Streets newfound love affair with the company.
The next day, he wrote: AAPL is pressing on key initial support at 171.60/90, which if violated will point to 168-166 next [and] put downward pressure on SPX, SPY, ES.
He updated his downside target to 164.80-162.