DailyPlay for Thursday Nov 2nd, 2017 – Red Hat (RHT)
The bullish DailyPlay we chose for Thursday Nov 2nd is Red Hat (RHT). RHT is part of the Technology Sector (XLK). Over the last month, XLK has experienced a 6.06% move higher and its 1m and 6m trend has turned bullish on 9/27 while breaking above its $61 resistance level.
Red Hat’s 1m and 6m trends turned bullish on 9/26 and recently bounced higher above its $120 support level. With a technical score of 10 (out of 10), RHT is a strong bullish stock that is likely to continue higher.
As a stop loss, if RHT was to trade below $120 for multiple days, this would invalidate our analysis and suggest getting out of the trade.
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