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Red Hat Bearish Moving Average Crossover Alert (RHT)

By Amy Schwartz

Today, shares of Red Hat (NYSE:RHT) have crossed bearishly below their 10-day moving average of $77.93 on a volume of 197K shares. This may provide swing traders with an opportunity for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Red Hat share prices have been bracketed by a low of $59.59 and a high of $84.44 and are now at $77.18, 30% above that low price. The 200-day and 50-day moving averages have moved 0.18% lower and 0.75% higher over the past week, respectively.

SmarTrend recommended that subscribers consider buying shares of Red Hat on May 24th, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $75.71. Since that recommendation, shares of Red Hat have risen 3.3%. 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