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

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Akamai Technologies (NASDAQ:AKAM) based on the price action in the company's shares. Today's price range of $47.05 and $47.46 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. Traders and investors interested in shares of Akamai Technologies may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

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 $47.22, 20% 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, 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.

Akamai Technologies (NASDAQ:AKAM) has potential upside of 50.7% based on a current price of $47.22 and analysts' consensus price target of $71.16. The stock should run into initial resistance at its 50-day moving average (MA) of $53.67 and subsequent resistance at its 200-day MA of $59.75.

SmarTrend recommended that its subscribers protect gains by selling shares of Akamai Technologies on February 8th, 2017 by issuing a Downtrend alert when the shares were trading at $64.07. Since that call, shares of Akamai Technologies have fallen 26.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish inside day candle Akamai Technologies

Ticker(s): AKAM