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Look for Shares of Red Hat Inc to Potentially Pullback after Yesterday's 1.86% Rise

By James Quinn

Red Hat Inc (NYSE:RHT) traded in a range yesterday that spanned from a low of $158.00 to a high of $160.73. Yesterday, the shares gained 1.9%, which took the trading range above the 3-day high of $160.31 on volume of 445,000 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 $160.58 and is now at $160.49, 134% above that low. 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 Inc on February 14th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $132.64. Since that recommendation, shares of Red Hat Inc have risen 18.9%. 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