While this happened, Morgan Stanley downgraded its United Micro Electronics ADR [UMC] rating to an Equal-weight from a an Overweight in a research note published recently. A number of analysts have revised their coverage, including Goldman’s analysts, who decreased its forecast for the stock in mid October from “a Buy” to “a Neutral”. Goldman also remained covering UMC and has increased its forecast on August 01, 2024 with a “Buy” recommendation from previously “Neutral” rating. Citigroup revised its rating on April 24, 2024. It rated UMC as “a Buy” which previously was an “a Neutral”.
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Price Performance Review of UMC
On Tuesday, United Micro Electronics ADR [NYSE:UMC] saw its stock fall -0.13% to $7.41. Over the last five days, the stock has lost -5.00%. United Micro Electronics ADR shares have fallen nearly -12.41% since the year began. Nevertheless, the stocks have risen 4.81% over the past one year. While a 52-week high of $9.00 was reached on 06/20/24, a 52-week low of $7.02 was recorded on 10/29/24. SMA at 50 days reached $8.31, while 200 days put it at $8.17.
Levels Of Support And Resistance For UMC Stock
The 24-hour chart illustrates a support level at 7.35, which if violated will result in even more drops to 7.29. On the upside, there is a resistance level at 7.46. A further resistance level may holdings at 7.50. The Relative Strength Index (RSI) on the 14-day chart is 27.85, which indicates oversold technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -0.30, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 92.22%. Stochastics %K at 10.79% indicates the stock is a buying.
How much short interest is there in United Micro Electronics ADR?
A steep rise in short interest was recorded in United Micro Electronics ADR stocks on 2024-10-15, growing by 7.27 million shares to a total of 53.65 million shares. Yahoo Finance data shows the prior-month short interest on 2024-09-13 was 46.38 million shares. There was a rise of 13.56%, which implies that there is a positive sentiment for the stock.
