RedHat (RHT) : Breakthrough Resistance

RedHat (RHT) breakthrough its resistance at 23.34 with a small gap up in the opening today.

This is a bullish sign considering the recent bullish Tenkan sen – Kijun sen cross which I posted earlier.

However, on the Weekly Chart, there is an immediate resistance at 24.52. (Many thanks to K from InvestIdeas for highlighting this to me).

From the Weekly Chart, we can see that there is quite a few attempts to break through this level and failed. I suspect there will be a pullback in the short term.

For now, my Iron Condor is sitting on a small loss.

RedHat (RHT) : Weekly Chart Resistance at 24.52

S&P500 Tech

Red Hat, Inc. to Replace CIT Group Inc. in S&P 500

First congratulation to RedHat; a testament to the growing importance of its contributions to businesses.

Red Hat, Inc. will replace CIT Group Inc. in the S&P 500 after the close of trading on July 24

Are we also seeing a sign that tech stocks are replacing financial institutes on the indices. First we have CISCO (CSCO) and now RedHat (RHT).

Is this also a sign that tech stocks may be the leaders in the next rally?