Bottoming up reversal confirmedTWSE:2303 Micro Electronics is looking at an early bottoming out reversal after price action broke above the downtrend line and today was edging up higher with steady flow of volume. Furthermore, Ichimoku shows steady uptrend and is a strong reversal.
Momentum from long, mid and short-term are looking at a bullish momentum in unison. Long-term uptrend from the weekly chart shows uptrend remain intact.
2303 trade ideas
UMC Cup and Handle, Channel and Fib - Longwe have a confluence of levels and patterns. you can see the larger cup and handle patter. you can also see we pulled back previously to the 61.8 retrace. now we are on the 50% retrace and the channel. The channel has multiple touches on the top, middle and now the bottom.
United Micro Electronics unveils cost-effective 5G chipsUnited Micro Electronics has recently launched an innovative line of miniaturised, yet economical 5G chips, aiming to penetrate various markets including Internet of Things (IoT) devices, consumer electronics, automotive sectors, and data centres. This initiative is founded on UMC's novel RFSOI (Radio Frequency Silicon on Insulator) platform.
The new chip design has achieved a significant reduction in size by more than 45% for a 55-nanometre chip used in 5G applications. This size reduction allows for more chips to be placed on a single wafer, significantly cutting costs without compromising on critical specifications such as the number of supported frequencies and data rates. This development underscores United Micro Electronics' competitive edge in the semiconductor industry.
Exploring investment opportunities, here is the technical analysis for United Micro Electronics ADR (NYSE: UMC):
In the Daily (D1) timeframe, the stock shows resistance at 8.30 USD and support at 7.40 USD. Currently, the stock is in a global downtrend, but it is noteworthy that the low from mid-October 2022 has not been surpassed, suggesting a potential shift towards an uptrend. For this transition to be confirmed, the stock needs to break through and sustain above the current resistance level. If the downtrend persists, the next price target could be around 6.80 USD.
On a rebound from the resistance level at 8.30 USD, you can consider buying with a short-term target at 9.60 USD. In the medium term, the target for holding a long position is 11.80 USD.
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Long | UMCNYSE:UMC
Possible Scenario: LONG
Evidence: Price Action
Call options, Strike 12.5$, 06/18/21
I see 2 different scenarios:
a- it hits the target Monday. then the position will be close
b- it will fall to buy-zone and then after consolidation for some days, it will goes to price targets, I prefer this one, because I can build up my position,
I'll open Tier 1 size position early morning based on pre market price action
This is my idea and could be wrong 100%,
UMC LongA lone pattern just sitting here lol.... Easy trade here may take some time, but looks basic and straight forward shark pattern here. Will monitor but long at 10.55. Not much to say. Just saw it on the radar and mapped a couple of items.. looks good may be some chop soon, but lets see how it works out.
UMC - Long - Possible Wedge BreakoutPossible wedge breakout. Retest 10.13/10.66-new support levels
PT Range 11.00-12.00
9.50 Entry
Options buy - Feb 19 2021, $10 Call
United Microelectronics Corp. engages in the semiconductor foundry business. It offers complementary metal-oxide semiconductor (CMOS) logic wafers, mixed signal wafers, radio frequency complementary metal-oxide semiconductor wafers, embedded memory products, high voltage integrated circuits (ICs), and complementary metal-oxide semiconductor image sensors. The company was founded on May 22, 1980 and is headquartered in Hsinchu, Taiwan.