SmarTrend's Trend Spotter Sees Continued Downward Momentum on Shares of United Microelectronics (UMC)
SmarTrend identified a Downtrend for United Microelectronics (NYSE: UMC) on January 28, 2010 at $3.68. In approximately 2 months, United Microelectronics has returned 4.3% as of today's recent price of $3.52.
United Microelectronics is currently below its 50-day moving average of $3.74 and should find support at its 200-day moving average of $3.43. Look for these moving averages to decline to confirm the company's downward momentum.
SmarTrend will continue to scan these moving averages and a number of other proprietary indicators for any changes in momentum for shares of United Microelectronics.
Write to Chip Brian at cbrian@tradethetrend.com
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