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.
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More Top Calls From Mike
In his September 30th chart analysis for MPTrader members, Mike Paulenoff wrote bullishly about AMD, noting:
"AMD has piqued my interest technically because all of the price action off of its ATH at 122.38 (8/04) into the September lows at 99.51 (9/20) and 99.81 (9/29) has the right look of a complete, or nearly-completed correction of the prior major advance off of the 5/13 low at 72.50. As long as the 99.
MRNA's August downside reversal from a new all-time high (ATH) at 498.60 (8/10/21) to 349.00 (8/16/21) was just the first shot over the bow of a larger-developing corrective pattern and period.
Thus warned Mike Paulenoff to our members on the afternoon of August 16th, when, with MRNA trading at 363.
This past Monday, with Nike (NKE) poised to report earnings later in the week, Mike Paulenoff told MPTrader members that "NKE is vulnerable to a press into the 140-143 target zone either ahead of, or in reaction to, the earnings news."
NKE was trading at 161.75 at the time, and by the week's end the stock was 149.59, having hit a low of 148.
Back on August 18th, nearly two weeks ahead of ZM's (Zoom Video Communications) earnings report, Mike Paulenoff cautioned MPTrader members about the stock.
Mike wrote: "The price structure, which has pressed relentlessly lower (15%) since its 8/05 rally high at 404.35, is probing -- and trading below -- its 100 DMA, now at 345.67, and is considerably beneath its 200 DMA, now down-sloping at 367.20.
In our Top Call article a month ago, we told you about how Mike Paulenoff called AAPL's upside continuation, with the expectation that the stock could extend a little higher before upside exhaustion.
AAPL, indeed, went on to stair-step higher to reach a high of 157.26 high last week, overshooting the upper boundary of Mike's 153-156 projected high-zone by just 0.8%. It then proceeded to initiate the expected bout of weakness that accelerated to the downside this past Friday.