Range Resources RRCSTOCK_USDT on MEXC keeps leaning on a 54.38 floor under lower highs

Range Resources (NYSE: RRC) is a US natural gas producer focused on the Appalachian basin. MEXC lists a USDT-margined RRCSTOCK_USDT perpetual that opened at 10:00 AM ET today and follows US market hours.

Specs

• Max 20x, contract size 0.001 RRC.
• 0% maker, 0.02% taker.
• Funding every 8 hours.

Snapshot, 12:00 PM ET

• Last 54.38, index 54.39, +0.3% on the day.
• Range 54.06 to 54.68.
• 24h turnover about 14K USDT. Open interest 564,996 contracts, roughly 31K USDT.
• Funding -0.0055%, slightly negative.

Reading the 15m candles

The open ran from 54.06 up to 54.68 by 11:00. Since then the highs have rolled over: 54.68, 54.66, 54.55, 54.59. The lows keep landing on the same shelf at 54.38 to 54.40 and the 11:45 candle closed right on it. Pressure is building against a floor that has already been touched three times.

Bias: SHORT

A shelf that gets tested over and over under falling highs usually gives way. A 15m close under 54.38 points at the 54.19 low from the first hour, and 54.06 is the open low behind it.

Invalidation: a 15m close above 54.59.

New contract with thin books, and gas names react to energy headlines during the US session. Size small.