Trading Idea - Akamai Breaking Out?

Published on Thursday, 12 January 2012 08:00 Written by TradersHuddle Staff

New York, January 12th (TradersHuddle.com) - Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) closed the trading session at $34.00 just above calculated resistance at $33.20 effectively breaking out, grabbing the attention of momentum traders, which could eventually push the stock to different trading range

Akamai Technologies, Inc. (NASDAQ:AKAM) provides global delivery services for Internet content, streaming media, and applications and global Internet traffic management. The Company uses technology and software to offer tools that provide reporting and management capabilities; network data feeds and Website analytics, which provide customers with real time data about the performance of their content and applications over the Internet.

Akamai's stock was trading in a well defined range with support at $25.96 and resistance at $33.20, given that this range was broken traders will be closely monitoring the stock