Rackspace Hosting Crosses Below its 10-day MA (RAX)

Published on Fri, 03/08/2013 - 12:10
By Adrienne Chilton in Moving average crossovers, RAX, moving crosses, nyse:rax, rackspace hosting

Today, shares of Rackspace Hosting (NYSE:RAX) have crossed bearishly below their 10-day moving average of $56.06 on a volume of 791K shares. This may provide short-term investors a chance for a short position, as such a crossover often suggests lower prices in the near term.

In the past 52 weeks, Rackspace Hosting share prices have been bracketed by a low of $40.57 and a high of $81.36 and are now at $55.93, 38% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.2% while the 50-day MA has declined 1.8%.

Rackspace Hosting has overhead space with shares priced $55.93, or 20.0% below the average consensus analyst price target of $69.92. The stock should find initial resistance at its 200-day moving average (MA) of $60.26 and further resistance at its 50-day MA of $69.75.

Rackspace Hosting, Inc. delivers websites, web-based IT systems, and provides related services.

By Adrienne Chilton
achilton@fnno.com

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