CFD Trading – Sell United Microelectronics Corp (UMC.NYS) @ $8.30. Stop @ $8.90 and Target @ $6.50

United Microelectronics Corp Stock Code UMC.NYS

Price broke below the cloud on last Wednesday and had closed below the cloud for a second consecutive day last Friday. This could be a sign that the bullish trend starting from 2 June 2020 had come to an end. Conversion and Base lines had already had a bearish crossover earlier, hinting of the bearish trend. Lagging Span is below price of 26 days ago but is above the cloud, unable to confirm the bearish trend. MACD is bearish with both lines moving away from the zero line and lower. We think price is likely to move lower to the support at $6.44 in the next 2-3 weeks.

$8.30                 Sell
$6.50                 Price Target
$8.95                 Risk Management Stop
3 weeks             Trade Duration

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