Red Hat (RHT) is on this week’s StockTwits50 list.
The green price bars showing outperformance vs. SPX.
RHT has been in a trading range since March.
We can see it recently broke the lower part of the range.
This also coincides with a test of its 50DMA.
This area has the potential to turn into a bear trap. All the bears are now hoping the 50DMA doesn’t provide any support.