Akamai Technologies Inc. (NASDAQ: AKAM) AKAM share price has retraced below the 50 day EMA. However, the correction is due to the double top pattern which was made near $110. A gap was noted on the charts near $95 which is yet to be filled. The AKAM stock broke the trendline near $105, losing the gains to profit bookers.
AKAM stock price has also slipped below the 20 day EMA and is heading toward the round mark of $100 which was the strong support zone. Moreover, the options chain shows that, at the strike price of $100, open interest of 1070 hundred shares on the put side, whereas 1020 hundred shares on the call side, suggests its going to be a battle of equals.
At press time, AKAM stock price was $102.01 with an intraday gain of 0.16% suggesting neutrality. Trading volume is up by 0.23% to 1.01 Million while the market cap is $15.476 Billion. However, analysts maintained a neutral rating with a yearly target price of $111.44 suggesting a growth outlook.
Akamai Technologies, Inc. engages in the provision of cloud services for delivering, optimizing, and securing content and business applications over the Internet. Its products include security, web performance, media delivery, and network operator. The company was founded by Frank T. Leighton, Jonathan Seelig, Randall S. Kaplan, and Daniel M. Lewin on August 20, 1998 and is headquartered in Cambridge, MA.
Will AKAM Stock Rebound From $100?
On the daily charts, AKAM stock price is in the bullish trajectory while the sellers are trying to capitalize on the gains and are pushing the stock toward the round mark of $100. Furthermore, the chart shows the double top pattern and is showing retracement in the past sessions. Moreover, the AKAM stock has dragged close to the 61.8% Fibonacci retracement level which exists near $100. However, ahead of the Q3 earnings results, AKAM stock has shown the expected sharp moves, and might just be slowing down.
The RSI curve continues to be in the oversold region showing a negative crossover and profit booking. The MACD shows a bearish crossover and red bars on the histogram suggesting a negative outlook.
Summary
AKAM stock price is heading to the round mark of $100 and shows a retracement. Moreover, the price action witnessed the higher highs and higher lows sequences. Additionally, AKAM stock is in bullish territory suggesting a bullish chart structure.
Technical Levels
Support Levels: $100 and $95
Resistance Levels: $105 and $110
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading crypto or stocks comes with a risk of financial loss.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/28/akam-stock-nasdaq-akam-dragging-gains-will-it-hold-100/