fonzotrader
Short

Amkor Technology. Double Top Pattern.

BATS:AMKR   AMKOR TECHNOLOGY INC
59 0 0
Entry-price: $5.22
Price Target: $4.82
Stop-loss: $5.48
Position: short
Here were looking at a double top pattern which has already been confirmed(black circle). I identified this pattern a bit late leaving me with not a very good risk to reward ratio but, there are various reasons for I would still enter this trade. Around the second top of the double top pattern, a death cross( bearish ) was made with the 20 SMA and 50 SMA . Recently, the price went under the 200 SMA for the first time since September and at the same time this 200 SMA is about to make a death cross( bearish ) with the 20 SMA . I'm also expecting for that gap from October to be filled in the next couple of days/weeks. I placed my price target by measuring the distance from the top to the support line from the double top pattern. My stop-loss was placed at the $5.48 resistance level.
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