Range Resources - RRC - close: 41.77 change: +0.93 stop: 39.45
Why We Like It:
We are suggesting readers buy calls right here following today's afternoon bounce from the $39.60 level. More conservative traders may want to wait for a new rise over $43.00 or the $44.00 mark before initiating positions. There is potential technical resistance at the 100-dma (currently $44.85) and at the exponential 200-dma (currently 48.01). We're going to aim for the exponential 200-dma, since that is where the rally failed back in September. We'll use the $47.50-48.00 zone as our exit target for now.
NOTE: Investors need to remain defensive. This is still a very tough market. That means trade smaller position sizes. Be extra vigilant with your stop loss management.
BUY CALL DEC 40.00 RRC-LH open interest= 423 current ask $6.00 BUY CALL DEC 45.00 RRC-LI open interest=3356 current ask $3.50