Akamai Technologies Reaches New Highs

Adobe Poised For Breakout | Investing.com

Shares of Akamai Technologies (NASDAQ:) are in full breakout mode this morning. The stock is trading at new 2020 highs with the help of a 3% gain. This impressive move follows an eight-week consolidation above a very solid support zone. Back in early July, AKAM surged more than 6% on heavy trade after receiving an upgrade from Cowen. We highlighted it here. The stock opened the July 2 session with a powerful upside gap but was unable to make any further headway over the next eight weeks. During this phase the stock gave back little ground as support near the July 2 gap ($107.00) held multi-week lows in late July and August.

With solid footing underneath and a nice tail wind (AKAM is working on its ninth straight gain) we believe a fresh rally leg is on the way. Shares are far from overbought (MACD at neutral) due to the post July 2 consolidation. The all-time highs are a long way from here. Just a few weeks after its IPO in late 1999 AKAM reached $345.50 in January of 2000. By the third quarter of 2003 AKAM was changing hands for under a buck.

New support levels are now in place. The $116.50 to $115.00 area marks the multi week July highs. On the downside, a close back below $110.00 would be a clear warning sign that more consolidation will be needed before AKAM can mount a sustainable rally.

At time of publication we are long AKAM in some managed accounts.

Gary S. Morrow’s original post can be seen here.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Gary S. Morrow

Leave a Reply

Your email address will not be published. Required fields are marked *

About us

InvestLab is a financial services technology company focused on the global trading market. Founded in 2010 in Hong Kong, the company develops trading, market data, and social research products that enable individual investors and small to mid-size brokers to access global markets. We provide brokers and financial institutions cross border capabilities for retail investors into 43 markets globally.