United Microelectronics Corporation Stock Forecast
United Microelectronics Corporation stock price took a fall of -5.36% on Tuesday
(Updated on Jul 02, 2024)
The United Microelectronics Corporation stock price fell by -5.36% on the last day (Tuesday, 2nd Jul 2024) from $8.77 to $8.30. During the last trading day the stock fluctuated 1.46% from a day low at $8.22 to a day high of $8.34. The price has fallen in 5 of the last 10 days and is down by -6.43% for this period. Volume fell on the last day along with the stock, which is actually a good sign as volume should follow the stock. On the last day, the trading volume fell by -959 thousand shares and in total, 8 million shares were bought and sold for approximately $67.50 million.
The stock has broken the wide and strong rising short-term trend down. This signalizes a slower rate of rising, but may also be an early warning about a possible trend shift. Due to the trend being broken there will now be resistance at the bottom line of the trend at $8.34. A reaction back to this level may hold a second chance to get out before further falls.
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UMC Signals & Forecast
There are few to no technical positive signals at the moment. The United Microelectronics Corporation stock holds sell signals from both short and long-term Moving Averages giving a more negative forecast for the stock. On corrections up, there will be some resistance from the lines at $8.70 and $8.57. A break-up above any of these levels will issue buy signals. A sell signal was issued from a pivot top point on Thursday, June 20, 2024, and so far it has fallen -6.85%. Further fall is indicated until a new bottom pivot has been found. Furthermore, there is currently a sell signal from the 3 month Moving Average Convergence Divergence (MACD). Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
A sell signal from a double top formation was found on Thursday, June 20, 2024 and based on theory for this formation the price should fall by -3.37% to $8.02 within 16 trading days since signal was issued (Monday, July 15, 2024).
Support, Risk & Stop-loss for United Microelectronics Corporation stock
United Microelectronics Corporation finds support from accumulated volume at $8.18 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock is usually traded at a good volume, and with minor daily changes, the risk is considered to be low. During the last day, the stock moved $0.120 (1.46%) between high and low. For the last week, the stock has had daily average volatility of 1.58%.
Our recommended stop-loss: We hold a negative evaluation for this stock. No stop-loss is set.
Trading Expectations (UMC) For The Upcoming Trading Day Of Wednesday 3rd
For the upcoming trading day on Wednesday, 3rd we expect United Microelectronics Corporation to open at $8.29, and during the day (based on 14 day Average True Range), to move between $8.10 and $8.50, which gives a possible trading interval of +/-$0.199 (+/-2.39%) up or down from last closing price. If United Microelectronics Corporation takes out the full calculated possible swing range there will be an estimated 4.79% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.41 (1.33%) than the support at $8.18 (1.45%), our systems don't find the trading risk/reward intra-day attractive and any bets should be held until the stock is closer to the support level.
Is United Microelectronics Corporation stock A Buy?
The United Microelectronics Corporation stock holds several negative signals and despite the positive trend, we believe United Microelectronics Corporation will perform weakly in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our analysis conclusion for this stock since the last evaluation from a Buy to a Sell candidate.
Current score: -4.820 Sell Candidate Downgraded
Predicted Opening Price for United Microelectronics Corporation of Wednesday, July 3, 2024
| Fair opening price July 3, 2024 | Current price |
|---|---|
| $8.29 ( 0.161%) | $8.30 |
The predicted opening price is based on yesterday's movements between high, low, and closing price.
Trading levels for UMC
Fibonacci Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.41 | 1.28% |
| R2 | 8.36 | 0.732% |
| R1 | 8.33 | 0.391% |
| Price | 8.30 | |
| S1 | 8.24 | -0.713% |
| S2 | 8.21 | -1.05% |
| S3 | 8.17 | -1.61% |
Accumulated Volume Support & Resistance Levels
| Level | Price | |
|---|---|---|
| R3 | 8.87 | 6.87% |
| R2 | 8.50 | 2.41% |
| R1 | 8.41 | 1.33% |
| Price | 8.30 | |
| S1 | 8.18 | -1.45% |
| S2 | 8.15 | -1.81% |
| S3 | 7.70 | -7.23% |
UMC Dividend Payout History
| # | Ex-Date | Pay Date | Amount | Yield | |
|---|---|---|---|---|---|
| 1 | Jul 02, 2024 | Jul 02, 2024 | Jul 31, 2024 | $0.464 | 5.58% |
| 2 | Jun 07, 2023 | Jun 26, 2023 | Jul 26, 2023 | $0.586 | 8.13% |
| 3 | Jun 03, 2022 | Jun 21, 2022 | Jul 21, 2022 | $0.517 | 7.08% |
| 4 | Jul 09, 2021 | Jul 21, 2021 | Aug 20, 2021 | $0.285 | 2.75% |
| 5 | Jun 30, 2020 | Jul 14, 2020 | Aug 12, 2020 | $0.136 | 3.31% |
FAQ
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