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Tuesday, March 03, 2009 

Stock Picks and Trade Ideas for Wednesday - Akamai and Symantec

Chart courtesy of www.stockcharts.com ( click to enlarge )

SYMC -The stock had a moderate bearish movement today. On daily chart we can see that the short term trend remains bearish but I think the bias unclear in nearest and medium term, so it’s better to keep stay out from the market. The stock is still holding support at $13 but at the same time has not bounce very strongly here. A break below $12.65 area will likely be bearish for stock, on the other hand a close above $13.99 on heavy volume will launch a rally.

Chart courtesy of www.stockcharts.com ( click to enlarge )

AKAM - The stock made indecisive movement on today session by opened and closed at almost the same price, formed a Doji formation on daily chart. Akamai Technologies shares have been trading in a short-term uptrend since the lows of $9.25 in November of 2008. Looking at the daily technical chart, it looks like the stock is forming a rising wedge (bearish pattern) with a likely target of around $20. It will be interesting to see if market touches $18.98 again or perhaps even $20 in the coming days before a good fall. For now, the bias is bearish in nearest term testing the main support area at at 16.50 – 15.44 but remains unclear in medium term.

Disclaimer : Trading stocks involves risk, this information should not be viewed as trading recommendations.The charts provided here are not meant for investment purposes and only serve as technical examples.

That's all Folks. See you tomorrow !!


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About Me

  • I'm a 48 year old Independent Trader using proprietary technical analysis with more than 20 years experience of investing in the US stock markets. I started this blog in 2006 simply as a way to share my thoughts about capital, risk management, and trading. My blog contains only my personal opinion and is provided for informational purposes only.

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