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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 $54.66 and $55.30 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, shares of Akamai Technologies have traded between a low of $39.43 and a high of $78.44 and closed yesterday at $55.04, which is 40% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.8% while the 50-day MA has declined 0.6%.

There is potential upside of 28.7% for shares of Akamai Technologies based on a current price of $55.04 and an average consensus analyst price target of $70.83. The stock should hit 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.

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 am inside day candle Akamai Technologies

Ticker(s): AKAM