Range Resources to continue its downwards movement

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Range Resources Limited stock (LSE:RRL) is generally weak, and the downwards movement may continue. There was a large upswing in early September, but since then, things have been coming downwards gradually.

The ADX period 14 is slightly above the level 20, meaning that the momentum is fairly strong. The DM- is below the DM+, which means bear is still strong.

MACD default parameters, has both its signal lines and histogram below the zero line. All the above indicators readings are clearly visible with closer inspection.

On further selling pressure there is going to be some increase in the current Bearish Confirmation Pattern, which would balloon into something significant.

Unless there is a radically and protractedly bullish outbreak, RRL is supposed to continue going further downwards, especially when strong momentum returns to the market.

 

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