2 Key Price Levels To Watch At Under Armour
This article is the opinion of Christian Tharp, CMT, author of 5 Star Trading.
Under Armour Inc (NYSE: UA) together with its subsidiaries, develops, markets, and distributes branded performance apparel, footwear, and accessories for men, women, and youth primarily in North America, Europe, the Middle East, Africa, Asia, and Latin America.
The company sells its products through wholesale channels, including national and regional sporting goods chains, independent and specialty retailers, department store chains, institutional athletic departments, and leagues and teams, as well as independent distributors; and directly to consumers through a network of brand and factory house stores, and Website. Under Armour, Inc. was founded in 1996 and is headquartered in Baltimore, Maryland.
Take a look at the one-year chart of Under Armour below with the added notations:
UA has created a couple of important price levels to watch.
First, UA has formed a clear resistance at $73 (red), which would also be a 52-week high breakout if the stock could manage to break above it. In addition, the stock is climbing an up-trending support level (blue) over the last 6 months.
These two levels combined have UA stuck within a common chart pattern known as an ascending triangle. Eventually, the stock will have to break one of those (2) levels.
The Tale of the Tape: UA has an up trending support and a 52-week resistance level to watch. A long trade could be made on a pullback to the support, or on a break above $73. A break below the up trending support would be an opportunity to enter a short trade.
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