RHT closes lower for the 4th day in a row


Red Hat Inc. (RHT) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
RHT finds buyers at key support level
RHT closes lower for the 4th day in a row
RHT breaks below previous session low
RHT falls to lowest close since April 25th
RHT ends the day indecisive
TQ Sentiment
Report Sentiment: 0% Neutral
Technical Forecast:
Overview

Moving lower for the 4th day in a row, RHT finished Thursday at 161.08 losing $0.88 (-0.54%). Today's closing price of 161.08 marks the lowest close since April 25th. Closing below Wednesday's low at 161.15, the share confirms its breakout through the previous session's low having traded $1.53 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for RHT
Volatility

Thursday's trading range was $2.35 (1.46%), that's below last trading month's daily average range of $3.65. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.

Support/Resistance

After trading as low as 159.62 during the day, Red Hat Inc. bounced off the key support level at 160.76. The failure to close below the support might increase that levels importance as support going forward.

Trend

Though the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

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
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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