Thursday, 26 April 2012

AKAM - CEO bailing..market upset

AKAM is one of my favourite tech' stocks, and today is got massacred after earnings failed to meet expectations. and with the CEO deciding to quit (although he might stay as long as late 2013)


AKAM, daily


The multi-month uptrend has indeed come to an end, and we recently saw was arguably a standard back test. With the break below $34, the next level of support is $31..and then the 200 day MA, presently 29.35.

Clearly, even if the indexes continue to cycle upward, AKAM is probably going to remain a rattled stock for some days, if not a few weeks. Only a break below $26 would make me bearish on this stock in the long term, it remains infinitely better and more reliable than most of the other tech' junk out there - not least the 'social media' nonsense/hysteria stocks.