AMKR trade ideas
Channel Channel on the wayWhen AMKR was way oversold two weeks ago, it seems like the red downtrend channel was about to be defied.
Two scenarios can happen if such price action happens.
1. Price will be searching for a new channel (potential light purple channel)
2. Price creeps back to red channel bottom where it broke down.
with earnings to be reported in 4 days, if the released result was lower than expectation, i anticipate that price will gap down to purple channel bottom of around 6.13
On the other hand, if Q3 earning is better than expected, there are two possible prices that AMKR price can gap up.
a) extremely good earning - 9.00
b) slightly higher earning - 8.10
P.S. this is my projection base on past experience (majority) of price movement conforming to channel when earning was released. Bear in mind that past statistic doesn't guarantee that price will move as expected.
AMKR Daily FlagDaily Chart
First pullback to the 50 and 200 sma. and price holding within the fib zone. Stoch and Osc looking ok.
Will enter if price can consolidate some more below the regression trendline and the falling 20ma, before breaking out.
As always looking at hourly chart for entry.
Can i grab the knife in timeJust exited all short positions last friday.
Price broke down of channel bottom. Hoping to do some short-term long scalp.
Don't hesitate to take profit, once reachedCHANNEL - my number 1 pattern
In conjunction with my previous SMH (semiconductor ETF) which shown sign of oversold, there you are
the price reached my target. I just took my profits because target is reached.
Whether the price will plunge or not, so be it.
Although the MACD & histogram are not fully form, i take the bullish divergence as a warning.
Weinstein's Stage 2 DowntrendFollowing my earlier post on AMKR, it has broke down of the bear flag continuation patten.
Stan Weinstein's stage analysis shown that AMKR is engaging in Stage 2 downtrend.
1st profit target is around 8.63, failing to do that, it will plunge all the way to the channel support of 7.33 which coincide with the breakaway uptrend GAP back in May.
Stay in short, the downtrend is shortie's friend
As the saying goes, let the trend ride the profits
Gann told me to sell nowAMKR kicked off its exponential move in mid Feb, had a one month consolidation in Apr-May and after broke out from 7.50 with 3x the volume, it has sky rocketed all the way to 12 plus.
Until a textbook "Evening Star" issued a stern warning at the top. Technically, a tick below the red bar was enough to trigger "Short signal. However, it gapped down from the open, with institutional selling with volume the massive selling just piled on.
At 50% retracement level, which also coincide with Gann's Major decision point, bearish engulfing pattern appeared and followed by a big red bar last night. My short has been triggered last night!
If the downtrend channel were to be valid, by around Oct which is the norm selling month, price of AMKR would most probably hit around 6.9 - 7.5 (previous consolidation clusters) which is my intended profit level.
AMKR on of the constituent of NASDAQ Composite Index response almost identically to it.
