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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. Today's price range of $9.53 and $9.70 is within yesterday'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.

Over the past year, Amkor Technology has traded in a range of $4.01 to $10.13 and is now at $9.69, 142% above that low. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 1.2%.

Amkor Technology (NASDAQ:AMKR) is currently priced 35.6% above its average consensus analyst price target of $6.24. Amkor Technology shares have support at the 50-day moving average (MA) of $5.51 and additional support at the 200-day MA of $5.47.

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.

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 29.3%. We continue to monitor AMKR for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle amkor technology

Ticker(s): AMKR