United Microelectronics Stalling at Resistance
Published on Tuesday, 12 June 2012 04:51 Written by TradersHuddle Wire
New York, June 12th (TradersHuddle.com) - United Microelectronics Corporation (NYSE:UMC) closed the trading session higher by $0.03 or 1.49% from its previous close. The latest price action developed a short term reversal pattern in the form of a tweezer top, which is a candlestick pattern that is usually formed at the end of an uptrend. Given that the tweezer top is considered a reversal pattern, traders with long positions need to monitor the price action for confirmation of weakness, and plan the position accordingly.
United Microelectronics Corporation (NYSE:UMC) manufactures, and markets integrated circuits and related electronic products. The company specializes in contract manufacturing of customer designed integrated circuits for semiconductor applications. Its main products are integrated circutis for consumer electronic, memory, personal computer, peripherals, communications.
United Microelectronics' stock has been in a defined range with calculated support at $1.94 and resistance at $2.07. Given the possibility of short-term weakness in the stock's price, this range could be used by traders managing their positions.
Tweezer tops are exactly the opposite of tweezer bottoms, as they define a resistance point for United Microelectronics that needs to be digested prior for the stock to move to a higher level.
Tweezer tops can be formed at the end of an uptrend, at a clear horizontal resistance point, or within a downtrend when price action is dealing with the declining resistance trend. Like any other candlestick pattern, it needs confirmation by trading below the previous day low. Below there is an example of the Tweezer Top reversal pattern:
- United Microelectronics: Waiting for Direction
- UMC Establishes its Specialty Technology Center of Excellence in Singapore
- Is United Microelectronics Reversing?
- UMC Reports Sales for April 2013
- UMC Reports First Quarter 2013 Results
- Top Tech Analyst Previews Earnings for DragonWave, EZchip Semiconductor, Nvidia, United Microelectronics and Towerstream
- United Microelectronics Formed a Tweezer Top
- United Microelectronics: Ready for some Upside?
- Bears taking over United Microelectronics?
- United Microelectronics Corporation to Report First Quarter 2013 Financial Results on May 08, 2013 US Time
Related Partner Headlines
- UMC Q3 Net Profit Up 24.1% - Benzinga
- United Microelectronics September Sales Up 11.5% y/y - Benzinga
- UMC Sales Surge 19.5% In August - Benzinga
- UMC Q2 Net Profit Down 6.3% - Benzinga
- UPDATE: JP Morgan Upgrades United Microelectronics to Overweight on Attractive Valuation - Benzinga
- UMC May Sales Down 2% y/y - Benzinga
- United Microelectronics Corp. Stock Downgraded (UMC) - TheStreet.com
- UMC April Sales Down 4.6% y/y - Benzinga
- United Microelectronics Corp. Stock Upgraded (UMC) - TheStreet.com
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