United Microelectronics Corporation Stock Forecast
United Microelectronics Corporation stock upgraded to Buy Candidate.
(Updated on May 03, 2024)
The United Microelectronics Corporation stock price gained 3.95% on the last trading day (Friday, 3rd May 2024), rising from $7.84 to $8.15. During the last trading day the stock fluctuated 2.06% from a day low at $8.00 to a day high of $8.16. The price has risen in 7 of the last 10 days and is up by 10.14% over the past 2 weeks. Volume has increased on the last day along with the price, which is a positive technical sign, and, in total, 3 million more shares were traded than the day before. In total, 10 million shares were bought and sold for approximately $81.13 million.
The stock is moving within a wide and horizontal trend and further movements within this trend can be expected. Given the current horizontal trend, you can expect United Microelectronics Corporation stock with a 90% probability to be traded between $7.37 and $8.44 at the end of this 3-month period. A break of a horizontal trend is often followed by a large increase in the volume, and stocks seldom manage to go directly from the bottom of a trend up to the top. Stocks turning up in the middle of a horizontal trend are therefore considered to be potential runners.
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UMC Signals & Forecast
Mostly positive signals in the chart today. The United Microelectronics Corporation stock holds buy signals from both short and long-term Moving Averages giving a positive forecast for the stock, but the stock has a general sell signal from the relation between the two signals where the long-term average is above the short-term average. On corrections down, there will be some support from the lines at $7.80 and $7.94. A breakdown below any of these levels will issue sell signals. A buy signal was issued from a pivot bottom point on Friday, April 19, 2024, and so far it has risen 10.14%. Further rise is indicated until a new top pivot has been found. Furthermore, there is a buy signal from the 3 month Moving Average Convergence Divergence (MACD). Volume is rising along with the price. This is considered to be a good technical signal.
Support, Risk & Stop-loss for United Microelectronics Corporation stock
United Microelectronics Corporation finds support from accumulated volume at $8.11 and this level may hold a buying opportunity as an upwards reaction can be expected when the support is being tested.
This stock has average movements during the day and with good trading volume, the risk is considered to be medium. During the last day, the stock moved $0.165 between high and low, or 2.06%. For the last week, the stock has had daily average volatility of 2.46%.
Our recommended stop-loss: $7.84 (-3.80%) (This stock has medium daily movements and this gives medium risk. There is a buy signal from a pivot bottom found 10 days ago.)
Trading Expectations (UMC) For The Upcoming Trading Day Of Monday 6th
For the upcoming trading day on Monday, 6th we expect United Microelectronics Corporation to open at $8.10, and during the day (based on 14 day Average True Range), to move between $7.95 and $8.35, which gives a possible trading interval of +/-$0.204 (+/-2.50%) up or down from last closing price. If United Microelectronics Corporation takes out the full calculated possible swing range there will be an estimated 5.00% move between the lowest and the highest trading price during the day.
Since the stock is closer to the resistance from accumulated volume at $8.18 (0.37%) than the support at $8.11 (0.49%), 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?
Several short-term signals are positive and we conclude that the current level may hold a buying opportunity, as there is a fair chance for United Microelectronics Corporation stock to perform well in the short-term period. We have upgraded our analysis conclusion for this stock since the last evaluation from a Hold/Accumulate to a Buy candidate.
Current score: 3.510 Buy Candidate Upgraded
Predicted Opening Price for United Microelectronics Corporation of Monday, May 6, 2024
Fair opening price May 6, 2024 | Current price |
---|---|
$8.10 ( 0.593%) | $8.15 |
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 | |||
---|---|---|---|---|
Resistance | R3 | 8.27 | 1.43 % | |
R2 | 8.20 | 0.658 % | ||
R1 | 8.16 | 0.180 % | ||
Current price: | 8.15 | |||
Support | S1 | 8.04 | -1.37 % | |
S2 | 8.00 | -1.84 % | ||
S3 | 7.94 | -2.62 % |
Accumulated Volume Support & Resistance Levels
Level | Price | |||
---|---|---|---|---|
Resistance | R3 | 8.25 | 1.23 % | |
R2 | 8.21 | 0.736 % | ||
R1 | 8.18 | 0.368 % | ||
Current price | 8.15 | |||
Support | S1 | 8.11 | -0.491% | |
S2 | 7.79 | -4.42% | ||
S3 | 7.70 | -5.52% |
UMC Dividend Payout History
# | Ex-Date | Pay Date | Amount | Yield | |
---|---|---|---|---|---|
1 | Jun 07, 2023 | Jun 26, 2023 | Jul 26, 2023 | $0.586 | 8.13% |
2 | Jun 03, 2022 | Jun 21, 2022 | Jul 21, 2022 | $0.517 | 7.08% |
3 | Jul 09, 2021 | Jul 21, 2021 | Aug 20, 2021 | $0.285 | 2.75% |
4 | Jun 30, 2020 | Jul 14, 2020 | Aug 12, 2020 | $0.136 | 3.31% |
5 | Jun 20, 2019 | Jul 15, 2019 | Aug 13, 2019 | $0.0940 | 4.61% |
FAQ
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