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Once Again Putting My Redhat Back On

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August 27, 2012 – Comments (0) | RELATED TICKERS: RHT

So far I'm 1 and 1 (.500) trading Redhat (RHT) and now I find myself throwing my red hat back into the ring for another go-around by going long at $57.56. This stock continues to provide excellent setup after excellent setup. 

Now you have that same double top from before but this time with a picture perfect bull-flag pattern that retraces to significant support from the double bottom breakout as well as a 2-month uptrend in place that was successfully tested and bounced on today.

One more thing, the reward to risk ratio is 4-to-1. That's pretty darn good, my friend. 

Here's the RHT setup

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