New York, December 27th (TradersHuddle.com) – Shares of Red Hat, Inc. (NYSE:RHT) are trading very close to calculated support at $45.27 with current price action closing at just $46.51 places the stock price near levels where traders will start paying attention.
Red Hat, Inc. (NYSE:RHT) develops and provides open source software and services, including the Red Hat Linux operating system.
Red Hat’s current stock range is defined by current calculated support defined at $45.27 and by the resistance level at $48.78, which should be used by traders planning their trades.
Traders wanting to establish a position should place close attention to Red Hat’s price action, and establish a position as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $48.78 might limit their upside, however if the stock breaks resistance, it could be a good point to add to the position.