There are two bearish patterns at work with Akamai (AKAM). First, a lower high formed in early December and a descending triangle is taking shape. A move below 26 would confirm this pattern. Second, a bear flag formed the prior five days and the stock is on the verge of breaking flag support with a sharp decline on Wednesday.
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About the author:
Arthur Hill, CMT, is the Chief Technical Strategist at TrendInvestorPro.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. In addition to his Chartered Market Technician (CMT) designation, he holds an MBA from the Cass Business School at City University in London.
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