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United Microelectronics Corporation (UMC) on Focus After Forming Multiple Top

Mar. 14, 2018 – The stock of United Microelectronics Corporation (UMC) shows a multiple tops pattern with $2.79 target or 7.00 % above today's $2.61 share price. The 5 months chart pattern indicates low risk for the $6.32 billion company. It was reported on Mar, 14 by Finviz.com. If the $2.79 price target is reached, the company will be worth $442.26M more.
Multiple tops are chart patterns with decent performance in a bull market. The failure rate is higher but the average decline is reasonable. Back-tests of such patterns show that the break even failure rate is 10%, the average rise: 19%, the throwback rate: 61% and the percentage of stocks meeting their price targets: 40%.

The stock increased 0.38% or $0.01 during the last trading session, reaching $2.61. About 616,340 shares traded. United Microelectronics Corporation (NYSE:UMC) has risen 14.77% since March 14, 2017 and is uptrending. It has underperformed by 1.93% the S&P500.

Among 4 analysts covering United Microelectronics Corp (NYSE:UMC), 2 have Buy rating, 1 Sell and 1 Hold. Therefore 50% are positive. United Microelectronics Corp had 6 analyst reports since August 11, 2015 according to SRatingsIntel. The firm earned "Underperform" rating on Thursday, July 27 by Credit Suisse. The firm has "Overweight" rating by JP Morgan given on Wednesday, October 14. The firm earned "Hold" rating on Tuesday, August 11 by Zacks. The company was upgraded on Wednesday, January 24 by Credit Suisse. The rating was upgraded by HSBC on Wednesday, January 27 to "Buy". The firm has "Underperform" rating by Bernstein given on Thursday, July 27.

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