Akamai Technologies, Inc. (NASDAQ: AKAM)
About Akamai Technologies, Inc.
Akamai Technologies, Inc. provides cloud services for delivering, optimizing, and securing content and business applications over the Internet in the United States and internationally.
Take a look at the 1-year chart of Akamai (NASDAQ: AKAM) below with added notations:
AKAM had been trading somewhat sideways since then end of July, while also repeatedly stalling at the $90 mark (green). That level was AKAM’s 52-week high resistance barrier, and now that the stock has broken above it, traders might look to enter a long position on a pullback down to the $90 area.
The Tale of the Tape: AKAM broke its 52-week resistance at $90. The ideal long position on the stock would be on a pullback down to that level with a stop placed under it. A break back below $90 could negate the forecast for a move higher.
Before making any trading decision, decide which side of the trade you believe gives you the highest probability of success. Do you prefer the short side of the market, long side, or do you want to be in the market at all? If you haven’t thought about it, review the overall indices themselves. For example, take a look at the S&P 500. Is it trending higher or lower? Has it recently broken through a key resistance or support level? Making these decisions ahead of time will help you decide which side of the trade you believe gives you the best opportunities.
No matter what your strategy or when you decide to enter, always remember to use protective stops and you’ll be around for the next trade. Capital preservation is always key!
Christian Tharp, CMT
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Christian Tharp, CMT
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