Price Alert: Red Hat Inc (NYSE:RHT) Stock Nears Resistance -- Technicals Hit Strength
(RHT Price of Stock at Publication: $97.99)
Price Alert: Red Hat Inc (NYSE:RHT) has now crossed into technical strength -- watch the technical oscillators for momentum gaps. The company has not quite broken out to extreme strength, but rather sits at a four bull momentum rating -- that is strength but not yet through technical resistance.
The risk here is that the stock cannot break through the approaching technical resistance which could mean the current strength could flip. But for now, the stock price is moving slightly higher and does have room to the upside before it hits a potential wall of resistance and an overbought momentum rating of five bulls.
RHT is up +11.3% over the last three months and up +29.8% over the last six months. The stock price is up +30.2% over the last year. The current stock price is $97.99.
RHT Stock Returns
If you're looking for the simplest version of this, here it is -- when the short-term moving averages are above the long-term moving averages that indicates relative strength in the technical. Then see the current price relative to the highest moving average and you will have a "back of the envelope" technical indicator in your back pocket for any stock at any time.
The blending and weighting of numbers above created the technical model built by Capital Market Laboratories (www.CMLviz.com). Note the stock price at publication ($97.99), since the technical rating is based on intraday stock prices.
Technicals | Support: 85.52 | Resistance: 100.67
Golden Cross Alert: The 50 day MA is now above the 200 day moving average.
As we noted above -- the back of the envelope rule here is that when shorter-term moving averages move above the longer-term ones, momentum is building. We have that right now.
Swing Golden Cross Alert: The short-term 10 day moving average is now above the 50 day moving average.
When the shortest-term moving average (10-day in this case) moves above any other moving average (50-day in this case), momentum is climbing.
Red Hat Inc has a four bull (high rated) technical rating because it's trading above both its 50- and 200 day simple moving averages. We do note that the stock is trading below the short-term 10 day moving average.
We now turn to the actual numbers driving this rating:
Red Hat Inc (NYSE:RHT) rating statistics:
10-day moving average: $99.17
50-day moving average: $93.91
200-day moving average: $83.61
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