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Range Resources Ltd Share Chat (RRL)



Share Price: 1.55Bid: 1.53Ask: 1.55Change: 0.00 (0.00%)No Movement on Range Res.
Spread: 0.02Spread as %: 1.31%Open: 1.55High: 1.59Low: 1.53Yesterday’s Close: 1.55



Share Discussion for Range Res. (RRL)


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Sonmi-451
Posts: 103
Off Topic
Opinion:No Opinion
Price:2.40
garyn / Celticheart
18 Jul '14
You could be right, I am just trying to get an answer from Celticheart as he seems to frequently post his trading theories and charting references on Ranges price movements.

Over to you Celticheart. Could you explain your rational thinking on exactly how the MMs can test price support, and more importantly, why would they even do so. What would be gained by "testing price support".

Feel free to hypothesise if you dont know .
 
garyn
Posts: 31,881
Observation
Opinion:No Opinion
Price:2.40
Sonmi-451
18 Jul '14
Last time i looked this was SETS traded anyway rather than SEAQ where MMs control the action. A lot of the time they seem to be sat off of the action anyway! Strange how when shares rise people never think it is MMs testing resistance, but if it drops they're testing support - not that i believe either and think they control the book far less than many imagine (usually the DMA traders who do control things!). With regards RSI (same applies to stoch) - that can remain overbought or oversold for long periods of time on the longer time frames (daily, weekly etc) and it is only the very short time frames 15 min, 5 min, 1 min etc which seem to adhere to an identifiable cycle most of the time - these time frames might be useful for trading the indices, FX, commods etc but are of little relevance on AIM shares most of the time as they're too short compared to the trade frequency. Retests of what was resistance and then becomes support can be good in my experience though as it gives those areas additional strength - but don't think the MMs have anything to do with that! All in my opinion though and my charting knowledge is very basic!
Sonmi-451
Posts: 103
Off Topic
Opinion:No Opinion
Price:2.40
Celticheart
18 Jul '14
So if you dont know how the MMs "test support at 2.5", what makes you think that the MMs are doing so, and whether this is even a possibility ?

And as you said yesterday about the price drop being a good thing as it keeps the RSI from being overbought therefore not triggering a FIB retrace, could you explain this rational please.
garyn
Posts: 31,881
Observation
Opinion:No Opinion
Price:2.40
RTN/Rexco
18 Jul '14
You'd have thought by now that people would have learnt that it is better to get a nice surprise than to expect too much! Will be interesting to see if Abraham will hold and out two NED's on the board or if they've been offloading into the rise and volume recently (it was certainly very convenient timing for them and worth the premium they paid...). I'm just always suspicious with these one when non-RNS'd 'good news' is being pushed so hard by some, given what has often happened in the past when that has been going on. At least operationally everything seems to be moving the right way, even without the rumoured other news. ATB
Rexco
Posts: 2,478
Observation
Opinion:Buy
Price:2.40
View Thread (3)
RE: MartinOil
18 Jul '14
If this is anything like the Texas rumour mill we will be getting nothing during July and the Georgia sale will become the new Texas.

Rory has until the end of the year to dispose of these assets in line with his target so I am going to wait for their announcement rather than depend on unsubstantiated assertions.
lewisycymoedd
Posts: 1,257
Off Topic
Opinion:No Opinion
Price:2.40
View Thread (13)
RE: lewis
18 Jul '14
No Hype
1. 0839 2. 0924 3. Only look at HL and LSE, so wondered if anyone else had any info why price seemed to plummet to 2.32 and the has been "normal" ever since 0839. Not a lot of obvious trades to affect price like that in first 40 mins today. No panic selling that I could see.
Rexco
Posts: 2,478
Off Topic
Opinion:Buy
Price:2.40
Garyn
18 Jul '14
I have to say that my only unease now PL has gone is the secretive nature of Abrahams.

However I take comfort from the fact that the new BOD must know who is behind them and who these two NED's they can have on the BOD will be. I cannot imagine the new management team would deal with chancers, unlike PL.
RichTheNewbie
Posts: 9,701
Observation
Opinion:No Opinion
Price:2.40
View Thread (3)
RE: MartinOil
18 Jul '14
I'm incredibly skeptical of the figures being talked about in relation to Georgia (especially as I prefer to be pleasantly surprised). But obviously I'll be delighted if they bring in £30m+ for it (or whatever the current touting is)!
k.j.k
Posts: 2,466
Off Topic
Opinion:No Opinion
Price:2.40
Rest period
18 Jul '14
IMO this taking a breather and needs further news to move this ON.
We have come a long way from them dark days of the low 0.60 and i am certainly a lot richer than i was then AND i believe i will get a lot richer here going forward here.

Have a good weekend all time for some real work.
garyn
Posts: 31,881
Observation
Opinion:No Opinion
Price:2.40
View Thread (3)
MartinOil
18 Jul '14
If the Georgia rumours do turn out to be true and RRL get the sort of amounts that some have been talking about (seem to be figures in excess of 30 million being mentioned) they'd have had a brilliant result! Obviously they need to hit RSR's 1000bopd Trinidad target as well for the end of 2014 (was previously 4000bopd as per the RNS near the start of the year but seems he changed it in one of the investor calls and probably a good job he did). South Quarry was good as well. Just a bit suspicious of Abrahams still - would love to know who is behind that and whether they still hold all their shares! ATB



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