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After Yesterday's Rally of 1.07% Shares Could Potentially Pullback

By Amy Schwartz

Red Hat Inc (NYSE:RHT) traded in a range yesterday that spanned from a low of $106.16 to a high of $107.30. Yesterday, the shares gained 1.1%, which took the trading range above the 3-day high of $106.45 on volume of 850,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

Over the past year, Red Hat Inc has traded in a range of $68.54 to $107.20 and is now at $107.18, 56% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.8% while the 200-day MA has slid 0.2%.

SmarTrend recommended that subscribers consider buying shares of Red Hat Inc 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 Inc have risen 38.8%. We continue to monitor RHT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders red hat inc

Ticker(s): RHT