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

By David Diaz

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 $81.53 and $82.21 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.

Akamai Technolog (NASDAQ:AKAM) is currently priced 0.4% above its average consensus analyst price target of $81.44. The stock should find initial support at its 50-day moving average (MA) of $75.04 and further support at its 200-day MA of $63.68.

Over the past year, Akamai Technolog has traded in a range of $44.65 to $82.71 and is now at $81.74, 83% above that low. Over the last five market days, the 200-day moving average (MA) has gone up 0.9% while the 50-day MA has advanced 0.9%.

SmarTrend recommended that subscribers consider buying shares of Akamai Technolog on October 3rd, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $50.27. Since that recommendation, shares of Akamai Technolog have risen 64.3%. We continue to monitor AKAM for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle akamai technolog

Ticker(s): AKAM