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Red Hat Bearish Moving Average Crossover Alert (RHT)

By Nick Russo

Today, shares of Red Hat (NYSE:RHT) have fallen below their 10-day MA of $77.79 on a volume of 2.3 million 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, Red Hat share prices have been bracketed by a low of $59.59 and a high of $84.44 and are now at $76.63, 29% 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%.

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 5.3%. 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