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

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Akamai Technologies (NASDAQ:AKAM) based on the price action in the company's shares. Yesterday's price range of $50.58 and $51.86 is within the prior day'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 Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Akamai Technologies share prices have been bracketed by a low of $39.43 and a high of $78.44 and closed yesterday at $50.72, 29% above that low price. In the last five trading sessions, the 50-day moving average (MA) has fallen 0.6% while the 200-day MA has slid 0.8%.

Akamai Technologies has overhead space with shares priced $50.72, or 28.4% below the average consensus analyst price target of $70.83. The stock should find initial resistance at its 50-day moving average (MA) of $53.67 and further resistance at its 200-day MA of $59.75.

Akamai Technologies, Inc. provides global delivery services for Internet content, streaming media, and applications and global Internet traffic management. The Company uses technology and software based on mathematical formulas and algorithms to monitor Internet traffic patterns.

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

Keywords: bearish am inside day candle Akamai Technologies

Ticker(s): AKAM