Market Overview

Watch for Shares of Red Hat (RHT) to Approach Resistance at $43.87

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(via COMTEX News Network)--

SmarTrend has detected shares of Red Hat (NYSE: RHT) have bullishly opened above the pivot of $42.50 today and have reached the first resistance level of $43.05.

We are watching for a cross of the next upside pivot targets of $43.87 and $45.24. Also, the shares are currently trading above the 50-day moving average of $40.77 and above the 200-day moving average of $33.43.

In the last five trading sessions, the 50-day MA has climbed 1.01% while the 200-day MA has risen 1.09%.

In the past 52 weeks, shares of Red Hat have traded between a low of $25.92 and a high of $43.79 and are now at $43.36, which is 67% above that low price.

SmarTrend currently has shares of Red Hat in an Uptrend and issued the Uptrend alert on October 29, 2010 at $42.22. The stock has risen 0.1% since the Uptrend alert was issued.

Write to Chip Brian at cbrian@tradethetrend.com

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SmarTrend analyzes over 5,000 securities simultaneously throughout the trading day and provides its subscribers with trend change alerts in real time. To get a free trial of our trading calls and maximize your trading results, please visit http://www.mysmartrend.com

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