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Possible Bearish Inside Day Candle Pattern Detected for Amkor Technology (NASDAQ:AMKR)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Amkor Technology (NASDAQ:AMKR) based on the price action in the company's shares. Yesterday's price range of $9.53 and $9.70 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Amkor Technology may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Amkor Technology share prices have been bracketed by a low of $4.01 and a high of $10.13 and closed yesterday at $9.62, 140% above that low price. Over the last five market days, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Amkor Technology, Inc. provides semiconductor packaging and test services. The Company offers deep submicron wafer fabrication, wafer probe testing, integrated circuit packaging assembly and design, final testing, reliability testing, burn-in, and electrical characterization.

Amkor Technology (NASDAQ:AMKR) is currently priced 35.1% above its average consensus analyst price target of $6.24. The stock should discover initial support at its 50-day moving average (MA) of $5.51 and subsequent support at its 200-day MA of $5.47.

SmarTrend recommended that subscribers consider buying shares of Amkor Technology on August 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $7.51. Since that recommendation, shares of Amkor Technology have risen 28.1%. We continue to monitor AMKR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle amkor technology

Ticker(s): AMKR