• Return to Headlines

Watch for Red Hat to Potentially Pullback After Gaining 1.03% Yesterday

By David Diaz

Red Hat (NYSE:RHT) traded in a range yesterday that spanned from a low of $83.64 to a high of $84.77. Yesterday, the shares gained 1.0%, which took the trading range above the 3-day high of $84.63 on volume of 510,000 shares. Often times after large one-day gains, short term traders will seek to take profits and, as such, investors should be cautious.

In the past 52 weeks, Red Hat share prices have been bracketed by a low of $59.59 and a high of $85.01 and are now at $84.67, 42% 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%.

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 9.3%. We continue to monitor RHT for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: rebounders red hat

Ticker(s): RHT