Pre-market trend | RANGE Resources (RRC) 5/7 Oil and gas stocks deeply trapped in adjustment, short forces gathering again?

Yesterday's close, RANGE Resources (RRC.US) continued to weaken, with the stock price further declining. The daily MACD formed a bearish crossover again below the zero line, which is a clear signal of continued weakness—given that the previous rebound failed to push the momentum indicators back above the zero line, the bearish forces are returning, usually indicating that the adjustment period may continue for some time. The trading volume was approximately $117 million, which is at a mid-range level in the oil and gas exploration and production sector. The trading activity was not particularly quiet, but the buying and selling power comparison clearly favored the bears. The short-term moving averages are under downward pressure, limiting the rebound potential of the stock price. On the news front, the energy sector has recently been affected by multiple intertwined factors. On one hand, the ongoing geopolitical conflicts in the Middle East have raised concerns about energy supply, pushing up oil price expectations—the New York Fed survey shows that consumers' expectations for gasoline price increases have fallen from 9.4% to 5.1%, but remain high. On the other hand, the energy index ETF (XLE) fell about 1.84% yesterday, with overall capital outflow from the sector. As a natural gas producer, RANGE Resources' stock price is more driven by the natural gas price cycle, and currently, the volatility in natural gas prices has increased, leading to market divergence regarding demand prospects. Additionally, the expanding U.S. fiscal deficit and the high interest rate environment are also putting pressure on the valuations of cyclical energy stocks. From a technical perspective, the moving average system clearly shows a bearish arrangement, and the second death cross of the MACD below the zero line further reinforces the bearish judgment