Approaching Support: Akamai
Published on Tuesday, 29 January 2013 08:48 Written by TradersHuddle Wire
New York, January 29th (TradersHuddle.com) - Shares of Akamai Technologies, Inc. (NASDAQ:AKAM) ended the trading session close to calculated support at $39, a level that will raise the attention of traders looking for an entry point.
Akamai's stock range is defined by its calculated support defined at $39 and by the resistance level at $41.49. This range could be used as a reference by traders planning their next move. The area where buyer interest might materialize is defined as calculated support. Stocks trading near support might see upside if it can successfully hold the technical level. However, this area if breached will signal participants that the stock failed to entice buyers to step in to support it.
Traders wanting to establish a position should pay close attention to Akamai's price action, and establish it as close to support as possible, but only after buying materializes. Traders should understand that the resistance point at $41.49 might limit their upside, however, if the stock breaks resistance, it could be a good point to add to the position.
Shares of Akamai Technologies, Inc. closed at $40.69 in the prior trading session.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.
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