Under Armour Inc. - (UA) - February 8, 2021 

Since returning to the Green Favored Zone of the SIA S&P 500 Index Report back in October, Under Armour (UA) has continued to steadily climb up the rankings. On Friday it moved up another 6 spots to 28th place. A major breakout is underway in Under Armour (UA) shares. After completing a bullish Ascending Triangle base with a breakout over $10.00 back in September, the shares rallied up into the $15.00 to $16.50 range where they had paused for the last few weeks to consolidate gains.

Last week, the shares blasted through $16.50, a long-term support/resistance level which now becomes support, to signal the start of a new advance. Next potential resistance on trend appears near the $20.00 round number, then the $24.50 to $25.00 area between a previous high and a round number.

Under Armour (UA) has been under increased accumulation since breaking out of a base and snapping out of a downtrend back in November. Last week, the shares broke through $16.25- $16.55, a long-term support/resistance area which now reverses polarity to become initial support on a 3-box reversal.

This breakout completed a bullish Double Top pattern, signaling the start of a new upleg. Next potential upside resistance appears near the $20.00 round number, then $21.45 based on a horizontal count, and $22.75 based on a vertical count.

With a perfect SMAX score of 10, UA is exhibiting near-term strength across the asset classes.

Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.

Keep up to date on the latest financial market news.

Receive a daily newsletter with stock highlights, ETF rankings, weekly market focus and others.