Bulls are going after Akamai Technologies today despite the weak market tape, and the stock is showing some positive technical signs ahead of Wednesday’s earnings report after the close.
There is a “bullish engulfing candle” forming on the 12-month chart below, which bodes well for the name going forward. If the Internet-acceleration company closes above Friday’s opening print of $37.87, it could be a opportune entry point.
The upside potential is the April 27 low $40.22, while support resides below at the April 28 high $35.51. AKAM is up 1.95 percent this afternoon to trade at $38.13.
— Option Monster