Is Akamai Ready for a Rest?
Published on Friday, 27 July 2012 08:08 Written by TradersHuddle Wire
New York, July 27th (TradersHuddle.com) - Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) closed the trading day at $35.04 well above its calculated resistance at $30.75. The move spurred concern among traders over a possible pullback in the stock price. The resistance level was calculated using a peak and throughs algorithm.
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 broke out of its defined range that had support at $27.86 and resistance at $30.75. Now the stock is working on developing a new trading range, which should be defined by the high reached after this breakout and its probable support at its previous resistance level at $30.75.
From a technical perspective, traders should wait to establish a position in Akamai until a base in the stock develops. This can help traders define risk before entering into a position, as it will provide good reference points to the upside and most importantly to the downside.
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