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Bearish Moving Average Cross by Red Hat (RHT)

By Amy Schwartz

Red Hat (NYSE:RHT) shares have crossed bearishly below their 10-day moving average of $77.27 on a volume of 281K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, shares of Red Hat have traded between a low of $59.59 and a high of $84.44 and are now at $77.16, which is 29% above that low price. Over the past week, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.

SmarTrend recommended that subscribers consider buying shares of Red Hat on July 29th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $74.76. Since that recommendation, shares of Red Hat have risen 3.8%. We continue to monitor RHT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: moving crosses red hat

Ticker(s): RHT