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The question on everyone's mind: Will AKAMAI TECHNOLOGIES INC breakout?

By Mill Chart

Last update: Oct 17, 2023

AKAMAI TECHNOLOGIES INC (NASDAQ:AKAM) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:AKAM.

AKAM Daily chart on 2023-10-17

Technical analysis of NASDAQ:AKAM

Every day ChartMill assigns a Technical Rating to every stock. The score ranges from 0 to 10 and is determined by evaluating multiple technical indicators and properties.

We assign a technical rating of 9 out of 10 to AKAM. Both in the recent history as in the last year, AKAM has proven to be a steady performer, scoring decent points in every aspect analyzed.

  • The long and short term trends are both positive. This is looking good!
  • When comparing the yearly performance of all stocks, we notice that AKAM is one of the better performing stocks in the market, outperforming 91% of all stocks.
  • AKAM is one of the better performing stocks in the IT Services industry, it outperforms 85% of 88 stocks in the same industry.
  • AKAM is currently trading near its 52 week high, which is a good sign. The S&P500 Index is trading in the upper part of its 52 week range, but not near new highs, so AKAM is leading the market.
  • In the last month AKAM has a been trading in a tight range between 103.79 and 109.24.

For an up to date full technical analysis you can check the technical report of AKAM

Why is NASDAQ:AKAM a setup?

ChartMill also assign a Setup Rating to every stock. With this score it is determined to what extend the stock has been trading in a range in the recent days and weeks. This score also ranges from 0 to 10 and is updated daily. The setup score evaluates various short term technical indicators. NASDAQ:AKAM scores a 9 out of 10:

Besides having an excellent technical rating, AKAM also presents a decent setup pattern. Prices have been consolidating lately. There is a resistance zone just above the current price starting at 107.55. Right above this resistance zone may be a good entry point. There is a support zone below the current price at 106.97, a Stop Loss order could be placed below this zone. Very recently a Pocket Pivot signal was observed. This is another positive sign.

How can NASDAQ:AKAM be traded?

For a potential trade one would typically wait until the stock breaks out of the consolidation zone to enter the stock and it could be sold again for a loss when it would fall back below the zone.

Of course, there are many ways to trade or not trade NASDAQ:AKAM and this article should in no way be interpreted as trading advice. The article is purely based on an automated technical analysis and just points out the technical observations. Always make your own analysis and trade at your own responsibility.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Disclaimer

This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.

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AKAMAI TECHNOLOGIES INC

NASDAQ:AKAM (2/23/2024, 7:00:00 PM)

After market: 108.16 -0.01 (-0.01%)

108.17

+1.22 (+1.14%)

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