Amkor Technology Looking at the Abyss

Published on Friday, 26 October 2012 12:34 Written by TradersHuddle Wire

New York, October 26th (TradersHuddle.com) - Shares of Amkor Technology, Inc. (NASDAQ:AMKR) booked a new 52 week low by trading below $4.06. Traders are definitely monitoring Amkor's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Amkor Technology, Inc. (NASDAQ:AMKR) 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 is currently trading -1.93% versus its previous trading session close, and it has calculated support and resistance at $4.14 and $4.50 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.56% from its previous trading close, which means that Amkor Technology stock is underperforming the overall market.