AKAM rallied hard on the open and pulled back sharply. Then it started narrowing its trading range below the $44.00 resistance level on declining volume. It started to look like an ascending triangle so I placed a buy stop order at $44.02. I was filled as AKAM broke its ascending triangle on a volume spike and price quickly moved towards the pivot point resistance level where I took a partial. AKAM tried to break through the pivot four times today. I exited the balance of my position on the third strike.The 15 minute chart below shows that AKAM has carved out a nice base over the last two sessions. Keep this one on the watchlist as it is oversold and should get a bounce soon.
4 comments:
AKAM..very nice. I took the same trade at the same time. LOL
Hey Wall Street,
I wish could find an ascending triangle like this everyday. They're easy to spot and once they break, they move fast.
Nice work, Jamie. I shorted AKAM during the plunge after earnings, and covered 4/30. Thanks for the head's up on the action today. $46.60 looks like a good target as pivot point resistance on the 6 month daily.
Hey Prospectus,
Nice work on the AKAM short!
That's correct, $46.60 is the closest pivot point on the daily timeframe.
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