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Recent 52-Week High Exceeded in Shares of Red Hat (RHT)

By Nick Russo

Shares of Red Hat (NYSE:RHT) traded today at $99.75, breaking its 52-week high. So far today approximately 2.8 million shares have been exchanged, as compared to an average 30-day volume of 1.3 million shares.

Red Hat (NYSE:RHT) defies analysts with a current price ($97.56) 11.7% above its average consensus price target of $86.19. 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, Red Hat share prices have been bracketed by a low of $59.59 and a high of $99.75 and are now at $97.56, 64% 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%.

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 recommended that subscribers consider buying shares of Red Hat on January 25th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $76.50. Since that recommendation, shares of Red Hat have risen 17.6%. We continue to monitor RHT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: 52 week high/lows red hat

Ticker(s): RHT