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
In his Trading Room on Friday, Mike Paulenoff highlighted a trading opportunity in Penn National Gaming (PENN):
Mike wrote: "During the past week, PENN has been in the grasp of a corrective process (no doubt exacerbated by the announcement of a secondary offering on Thursday morning). The correction has pressed PENN into important support at 62.00 that extends down to 57.60, and includes the up-sloping 20 DMA, now at 62.06. As long as any selling pressure is contained above 57.
On Sep 2, with QQQ trading at 300.01, down nearly 4 points from its pre-market thrust to a new all time high at 304.02, Mike Paulenoff alerted MPTrader members to the potential danger signals lurking within his chart work. He wrote:
"Just in case TSLA and AAPL weakness represent the first shot over the bow ahead of a significant correction in the NDX, my work on QQQ indicates that a break and close under 298.00 will trigger sell signals that project to 280.
This past Monday (Aug 31), Mike Paulenoff started alerting MPTrader members about opportunities UVXY, then trading at 21.53.
He wrote: "UVXY continues to act like the canary in the coal mine because it is holding up so well despite ES, SPX, SPY climbing to new all time highs. UVXY remains 12% above its 8/26 low at 18.76 and, more conspicuously, 50% above its 2/20/20 low at 10.65!"
Mike added, "UVXY needs to climb and sustain above 23.
Edwards Lifesciences Corporation (EW) broke out this past week, and MPTrader members were prepared.
In his Trading Room a month earlier (Mon July 20), Mike highlighted the stock for its potentially powerful upside technical set-up, writing:
"Since last November, EW has undergone a sharp correction from 82.55 (11/19/19) to 51.
This past Wednesday morning, just hours after TSLA announced a 5 for 1 stock split, and with TSLA trading at $1448, Mike Paulenoff wrote in his live Trading Room:
"All of the action off of the 7/13 all time high at 1794.99 represents EITHER a high level bullish digestion period ahead of another upleg OR a distribution top in the making.