Amkor Technology Moves to the Upside

After completing a head and shoulders top, Amkor Technology (AMKR), a provider of semiconductor assembly and test services, has moved to the price upside according to the Price Direction Indicator (PDI) analysis.

The PDI analysis using daily closes from July 3, 2006 (the top of the right shoulder) through October 13, 2006 shows that PDI moved above its 20-day moving average on August 30, 2006. Cumulative percent winners and cumulative returns moved above their respective 20-day moving averages on August 29 and September 1. The daily closes moved above their 20-day moving average on August 31.

The chart of daily closes shows the head and shoulders price formation and the current steep upside. Because AMKR spiked in price, its price should correct before moving higher.

Related Articles:

Amkor Technology Completes a Head and Shoulders Top
Amkor Is On a Steep Upside
Price Patterns: Head and Shoulders Top is a Complex Pattern

Posted October 16, 2006.