I placed a few pre-market limit orders when the PPI data was released just as I was dashing off to work. I was fortunate to get the one fill (RBAK) because the bulls were hungry this morning. So after the open, I had to find a good setup. AKAM had been weak yesterday afternoon but it managed to gap up on the open. The first bar opened on its high and formed a hammer like red stick on the 15 minute timeframe. The next bar closed lower. The third bar tested support but closed higher than the second bar. I went long as soon as the forth bar showed me that it wanted to continue higher. I booked a 50% profit when price stalled at resistance. I kept a tight stop just under the 10 period EMA and moved it up as the day wore on. My target was $40.00 as this appeared to be a pivot point on the daily view. I exited the balance of the position at $39.95 near the end of the session. Needless to say, AKAM is my favorite stock these days.
Tuesday, August 15, 2006
Trade of the Day - Akamai Technologies Inc.NASDAQ (AKAM) Again
I placed a few pre-market limit orders when the PPI data was released just as I was dashing off to work. I was fortunate to get the one fill (RBAK) because the bulls were hungry this morning. So after the open, I had to find a good setup. AKAM had been weak yesterday afternoon but it managed to gap up on the open. The first bar opened on its high and formed a hammer like red stick on the 15 minute timeframe. The next bar closed lower. The third bar tested support but closed higher than the second bar. I went long as soon as the forth bar showed me that it wanted to continue higher. I booked a 50% profit when price stalled at resistance. I kept a tight stop just under the 10 period EMA and moved it up as the day wore on. My target was $40.00 as this appeared to be a pivot point on the daily view. I exited the balance of the position at $39.95 near the end of the session. Needless to say, AKAM is my favorite stock these days.
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