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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. Today's price range of $54.66 and $55.30 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 Technologies may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Akamai Technologies has overhead space with shares priced $54.82, or 22.6% below the average consensus analyst price target of $70.83. The stock should find resistance at its 200-day moving average (MA) of $59.75, as well as support at its 50-day MA of $53.67.

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.

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 are now at $54.82, 39% 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%.

SmarTrend is tracking the current trend status for Akamai Technologies and will alert subscribers who have AKAM in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish inside day candle Akamai Technologies

Ticker(s): AKAM