Further to my previous post suggesting that UMC could fall back...

Further to my previous post suggesting that UMC could fall back to the $2.40 range - I was obviously incorrect - the trading pattern hitting a high of $2.80 before dropping back to the $2.70, having opened at $2.61 suggests that UMC is only heading northwards!

Why - I couldn't say but perhaps due to:
1. Speculators getting in before hopefully a positive JORC ann
2. Those trading with inside info that JORC will be positive
3. Iron ore sector still strong and expected to remain so despite the other parts of the ASX looking a little shaky...

Any thoughts?

My opinion - make your own assumptions.

Given today's trading - expect $3 sometime this week or very early next week.