Akamai Technologies Inc.(NASDAQ:AKAM) is a leading provider of services that help improve and accelerate content over the internet. This stock has been one of the strongest stocks throughout 2010. However, since it’s September 20th high of $53.06 Akamai Inc. has declined sharply by more than 13.0 percent. This is a rather large decline in a very short time especially when you consider the large point rally in the technology heavy NASDAQ Index.
Akamai Inc. will have near term daily chart support around the $44.85 area. This area should be short term support followed by the $43.00 support level. The negative for the stock at this time is that it is now trading below it’s daily 20, and 50 moving averages. Often many institutional traders will view this as a sign of weakness and will not buy the stock until it regains those important moving averages.
