• Return to Headlines

Possible Bullish Inside Day Candle Pattern Detected for Red Hat Inc (NYSE:RHT)

By James Quinn

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Red Hat Inc (NYSE:RHT) based on the price action in the company's shares. Yesterday's price range of $122.26 and $123.36 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Red Hat Inc may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Red Hat Inc (NYSE:RHT) is currently priced 0.5% above its average consensus analyst price target of $122.54. The stock should find initial support at its 200-day moving average (MA) of $74.78 and further support at its 50-day MA of $72.59.

In the past 52 weeks, shares of Red Hat Inc have traded between a low of $68.54 and a high of $130.93 and closed yesterday at $123.13, which is 80% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has advanced 0.8%.

Red Hat, Inc. develops and provides open source software and services, including the Red Hat Linux operating system. The Company's web site offers information and news about open source software and provides an online community of open source software users and developers.

SmarTrend is monitoring the recent change of momentum in Red Hat Inc. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Red Hat Inc in search of a potential trend change.

Keywords: bullish am inside day candle red hat inc

Ticker(s): RHT