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Red Hat Set to Possibly Pullback After Yesterday's Rally of 2.53%

By Nick Russo

Red Hat (NYSE:RHT) traded in a range yesterday that spanned from a low of $88.75 to a high of $90.21. Yesterday, the shares gained 2.5%, which took the trading range above the 3-day high of $90.00 on volume of 849,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

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 14.8%. We continue to monitor RHT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

In the past 52 weeks, shares of Red Hat have traded between a low of $59.59 and a high of $92.49 and are now at $90.07, which is 51% 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%.

Keywords: rebounders red hat

Ticker(s): RHT