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Possible Bearish Inside Day Candle Pattern Detected for ChipMOS TECHNOLOGIES Bermuda (NASDAQ:IMOS)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in ChipMOS TECHNOLOGIES Bermuda (NASDAQ:IMOS) based on the price action in the company's shares. Yesterday's price range of $19.45 and $19.60 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 ChipMOS TECHNOLOGIES Bermuda may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

ChipMOS TECHNOLOGIES Bermuda (NASDAQ:IMOS) has potential upside of 4.9% based on a current price of $19.55 and analysts' consensus price target of $20.50. ChipMOS TECHNOLOGIES Bermuda shares have support at the 200-day moving average (MA) of $17.72 and additional support at the 50-day MA of $17.44.

ChipMOS TECHNOLOGIES (Bermuda) LTD. provides semiconductor testing and assembly services to customers in Taiwan, Japan, and the United States. The Company and its subsidiaries provide complete backend products and solutions to a range of customers, including fabless semiconductor companies, integrated device manufacturers, and independent semiconductor foundries.

Over the past year, ChipMOS TECHNOLOGIES Bermuda has traded in a range of $4.39 to $25.97 and closed yesterday at $19.55, 345% above that low. Over the last five market days, the 200-day moving average (MA) has gone down 0.2% while the 50-day MA has remained constant.

SmarTrend recommended that subscribers consider buying shares of ChipMOS TECHNOLOGIES Bermuda on March 1st, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $17.58. Since that recommendation, shares of ChipMOS TECHNOLOGIES Bermuda have risen 11.6%. We continue to monitor IMOS for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle chipmos technologies bermuda

Ticker(s): IMOS