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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 $11.67 and $11.86 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.

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 share prices have moved between a 52-week high of $12.48 and a 52-week low of $4.01 and are now trading 194% above that low price at $11.79 per share. 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 (NASDAQ:AMKR) is currently priced 22.3% above its average consensus analyst price target of $9.17. 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 March 7th, 2017 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $10.59. Since that recommendation, shares of Amkor Technology have risen 12.2%. 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