RHT rises to highest close since July 27th


Red Hat Inc. (RHT) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
RHT finds support at 200-day moving average
RHT closes higher for the 3rd day in a row
RHT finds buyers again around 143.10
RHT rises to highest close since July 27th
RHT closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 22% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, RHT finished the week 2.68% higher at 144.78 after gaining $0.06 (0.04%) today on low volume. Today's closing price of 144.78 marks the highest close since July 27th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for RHT
Volatility

Friday's trading range was $2.53 (1.77%), that's below last trading month's daily average range of $3.35. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 145.85. After having been unable to move lower than 143.07 in the previous session, Red Hat Inc. found buyers again around the same price level today at 143.10. After trading as low as 143.10 during the day, the share found support at the 200-day moving average at 143.26.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 145.85 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 141.59 where further sell stops could get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Red Hat Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to Swing Low TQ Pro Members Only
Bullish Harami Candle TQ Pro Members Only
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