Akamai Technologies, Inc. AKAM shares are trading lower by $2.44 at $60.99 in Thursday's session. There is no specific news on the issue to account for the decline. It should be noted the decline is coinciding with the company's Investor Day Presentation.
From a technical perspective, the issue has breached the lower end of a 33-day trading range, that may be a signal for some to exit longs or for others to initiate shorts.
Since February 9, the issue has been in a trading range from $62.00 to $65.65. The range began to from one day after the issue tumbled from $71.12 to $63.55 following its Q4 beat. Investors soured on the issue during the conference call following the report.
The issue had been in the green and reached the $64.00 handle ($64.07), for the first time in four sessions, when it sharply reversed course around noon EST.
Once the issue breached the lower end of the trading, the pace of the decline accelerated taking the issue to $61.03.
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