Under armour is running North


Under Armour (NYSE: UAA) has been in a rally mode since last Thursday, when it hit support near the crossroads of the 14.00 level and the upside support line drawn from the low of September 22nd. That said, yesterday, the stock hit resistance near the 16.80 barrier and then, it retreated somewhat. As long as it is trading above the pre-mentioned upside line, we would see a positive picture, but we cannot rule out some further declines, before market participants jump back into the action.

A dip back below the 16.20 level, marked by the inside swing peak of November 9th, would confirm the case for a deeper retreat, perhaps opening the way towards the 15.20 level, marked by Monday’s low. Investors may decide to buy again near that zone and thereby push the price back up to the 16.80 hurdle. A break above that obstacle would confirm a forthcoming higher high and may set the stage for extensions towards the 17.50 area, marked by the highs of February 11th and 12th, or towards the 17.90 zone, which is the low of December 3rd, 2019.

Shifting attention to our short-term oscillators, we see that the RSI has topped within its above-70 zone, and just touched its toe below 70, while the MACD, although above both its zero and trigger lines, shows signs of topping as well. Both indicators detect slowing upside speed and corroborate our view for some further retreat before the next positive leg.

In order to abandon the bullish case, we would like to see a dip below 14.00. The price would already be below the aforementioned upside line, while the move below 14.00 would confirm a forthcoming lower low. We may then see declines towards the lows of October 28th and 29th, at around 13.15, the break of which may extend the slide towards the low of October 15th, at 12.30.

Chart


JFDBANK.com - One-stop Multi-asset Experience for Trading and Investment Services


 

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. JFD Group, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD Group analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD Group prohibits the duplication or publication without explicit approval.

72.57% of the retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Please read the full Risk Disclosure: https://www.jfdbank.com/en/legal/risk-disclosure

Analysis feed

FXStreet Trading Signals now available!

Access to real-time signals, community and guidance now!

Latest Analysis


Latest Forex Analysis

Editors’ Picks

AUD/USD to challenge 0.7413

The Australian dollar seems to have returned to life. Despite AUD/USD keeps trading within familiar levels, the bullish potential increased. Year high at 0.7413 on the way to 0.7500.

AUD/USD News

EUR/USD keeps reaching yearly highs

The EUR/USD pair trades near a fresh 2020 high of 1.2108, underpinned by optimism. Soft US data and stimulus talks further supported high-yielding assets.

EUR/USD News

Gold: Bulls back in the game, but resistance is strong

In the following series of analysis, we look at the price action of gold in a top-down illustration and derive where the next bearish opportunity could arise for swing traders. 

Gold news

Ripple Price Prediction: XRP could rise about 60% if the critical support level holds

Ripple's XRP has been losing ground since Tuesday. The third-largest coin with the current market capitalization of $28 billion hit the recent recovery tip at $0.68 and retreated to $0.62 by the time of writing.

Read more

Extra week of Black Friday!

Learn to trade with the best! Don't miss the most experienced traders and speakers in FXStreet Premium webinars. Also if you are a Premium member you can get real-time FXS Signals and receive daily market analysis with the best forex insights!

More info

Forex Majors

Cryptocurrencies

Signatures