Akamai Technologies (AKAM) shares surged more than 10% on Friday after the cloud services company reported strong earnings and 澳洲幸运5官方开奖结果体彩网:lifted its profit outlook amid robust demand for the its computing and security offerings.

The better-than-expected report comes as welcome relief for Akamai 澳洲幸运5官方开奖结果体彩网:shareholders who suffered through a decline of about 31% in the stock between February and June as investors fretted over slowing revenue growth in the company’s content division. However, these concerns were partially eased after Akamai reported that sales in its compute and security segments tallied two-thirds of total revenue for the first time as it aims to refocus on profitable areas of its business.

Below, we analyze Akamai’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to outline key post-earnings price levels to watch💃 ou⭕t for.

Inverse Head and Shoulders Breakout

Akamai shares carved out an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders between May and August before staging a breakout above the pattern’s neckline following the company’s upbeat quaꦑr⛦terly results.

Importantly, the move occurred on the highest 澳洲幸运5官方开奖结果体彩网:trading volume since early May, increasing the likelihood for folloꦯw-through buying.

Keep These Post-Earnings Price Levels in Focus

Looking ahead, there are four important price levels on the Akamai chaꦯrt that investors should moni♋tor.

The first sits around $102, less than half a percent above Friday’s close, where the shares face potential overhead 澳洲幸运5官方开奖结果体彩网:resistance near the August 2023 earnings gap, the prominent October 澳洲幸运5官方开奖结果体彩网:swing low, and a countertrend move that formed during Apr🉐il.

A close above this level could see the stock test $109, a location on the chart where sellers may look to 澳洲幸运5官方开奖结果体彩网:lock in profits near the September and October twin peaks that align with a range of comparable trading levels from late February to early April. This area also sits near the closely watched 50% 澳洲幸运5官方开奖结果体彩网:Fibonacci retracement level when ap🦹plying a grid from the February high to June low.

The next level to watch lies around $113, where the shares may encounter resistance from a 澳洲幸运5官方开奖结果体彩网:trendline linking a minor peak in November last year with the Marc🤡h high that formed towards the start of ꦐstock’s downward trending move between February and June.

Finally, ongoing buying could see the stock revisit the $120 level, where the price would likely attract selling pressure near the December 2023 澳洲幸运5官方开奖结果体彩网:swing high, whic🌳h sits in close proximity to the upper trading levels of the Feb🧸. 14 gap day.

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