UMC, Inc. (OTCMKTS:UMCN) was in special limelight on Tuesday as the stock witnessed a huge rise in price along with massive volume. Moreover, the stock almost reached its new high in the previous trading session.
UMCN stock closed higher by a whopping 400% to $0.0300. What is more interesting is that the stock had witnessed its highest one-day volume at least in the past year. Total volume for the session stood at 4.93 million shares, compared to its average volume of 66k shares. The stock had started the session with a mild jump and picked up momentum in afternoon trading as the stock went up as much as 830% to a new 52-week high of $0.0560.
So what triggered such a big move? Well, there was no news and as we all know penny stocks often do need news to trigger a big move.
But, one should note that the company does not have any active official website, and one needs to be careful while trading momentum-driven penny stocks. The company had a market capitalization of $6.15 million (based on the closing price on July 07, 2021).
Pivot Points
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
| Classic | -0.0447 | -0.0193 | 0.0053 | 0.0307 | 0.0553 | 0.0807 | 0.1053 |
| Fibonacci | -0.0193 | -0.0002 | 0.0116 | 0.0307 | 0.0498 | 0.0616 | 0.0807 |
| Camarilla | 0.0162 | 0.0208 | 0.0254 | 0.0307 | 0.0346 | 0.0392 | 0.0437 |
| Woodie | -0.0690 | -0.0315 | -0.0190 | 0.0185 | 0.0310 | 0.0685 | 0.0810 |
| DeMark | – | – | 0.0180 | 0.0307 | 0.0680 | – | – |
 Stock Soars To New High on High Volume: What to do Now?){kind=link}