AKAM breaks key support level
Akamai Technologies Inc (AKAM) Technical Analysis Report for Aug 10, 2018
AKAM finished the week 0.07% higher at 74.66 after losing $2.18 (-2.84%) today. Today's closing price of 74.66 marks the lowest close since August 3rd. Trading $0.97 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 76.46, Akamai Technologies confirms its breakout through the prior session's low having traded $1.88 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (AKAM as at Aug 10, 2018):
Friday's trading range was $2.29 (3.02%), that's above last trading month's daily average range of $1.73. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 75.00 today, it is now likely to act as resistance going forward.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already. The stock broke below the 100-day moving average at 75.23 today for the first time since August 1st.
Selling might speed up should prices move below the nearby swing low at 74.31 where further sell stops could get activated.