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Possible Bearish Inside Day Candle Pattern Detected for Akamai Technolog (NASDAQ:AKAM)

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Akamai Technolog (NASDAQ:AKAM) based on the price action in the company's shares. Today's price range of $78.96 and $79.22 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Akamai Technolog may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Akamai Technologies, Inc. provides services for accelerating and improving the delivery of content and applications over the internet, ranging from live and on-demand streaming video capabilities to conventional content on websites, to tools that help people transact business and reach out to new and existing customers.

Potential upside of 3.0% exists for Akamai Technolog, based on a current level of $79.08 and analysts' average consensus price target of $81.44. Akamai Technolog shares have support at the 50-day moving average (MA) of $77.67 and additional support at the 200-day MA of $70.69.

Akamai Technolog share prices have moved between a 52-week high of $86.19 and a 52-week low of $57.18 and are now trading 38% above that low price at $79.08 per share. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.5%.

SmarTrend is monitoring the recent change of momentum in Akamai Technolog. Please refer to our Company Overview for the results of our proprietary technical indicators that have been scanning shares of Akamai Technolog in search of a potential trend change.

Keywords: bearish inside day candle akamai technolog

Ticker(s): AKAM