Into upside follow-through from Tuesday’s reversal, I consider RRC to be the best long idea I see in the tape right now for my style of trading.
On the daily chart, below, note the well-defined sideways base dating back to late-January. Energy stocks have been hot of late. And I expect this one to benefit with a move over $90 for a major coiled spring breakout higher.
Overall, bulls want to see the vast array of upside reversal candlesticks on Tuesday confirm higher on major buy volume.
If we see the midpoint of Tuesday’s range lost on the major averages, however, make sure you have concrete stop-losses in place to avoid a summer 2011 waterfall.
Drop me your top tickers overnight.
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TX & NOR … I’d add NE to that but earnings are due tomorrow and Citi raised it to Buy from Neutral 24 hours ago only to cut it from Buy to Neutral 15 hours ago … Inside info?
Silver the trailer trash version of gold has potential. Inflection point compression. Direction is cloudy.