Under Armour Inc. - (UAA) - August 5, 2021
Boosted by a 4.9% one-day gain, clothing producer Under Armor (UAA) popped up into the Green Favored Zone of the SIA S&P 500 Index Report from the red zone in a single day. The shares finished in 127th place, up 165 spots on the day and 200 spots in the last month.
Earlier this year, Under Armor (UAA) shares broke out of a long-term downtrend. In recent months, the shares have been consolidating and base building in the $18.50 to $25.00 range. Last month, a pullback was contained by a successful test of uptrend support, and this week, the shares have started to come under renewed accumulation with the shares climbing on a jump in volume.
Initial resistance appears near $25.00, where a breakout would complete a bullish Ascending Triangle base pattern that has been forming since last year. A move through resistance at the 2019 peak near $27.50 would confirm the start of
a new uptrend with next potential resistance tests after that near the $30.00 round number, then a measured $31.50 and a previous peak near $33.00. Initial support has moved up toward $22.00 from $20.00.
Last month, a retreat in Under Armor (UAA) shares was contained near $19.00 as a previous resistance level reversed polarity. Following this successful breakout point retest, the shares have bounced back and the overall trend has shifted from downward to sideways. This month, the upswing continues with the shares completing bullish Double Top and Spread Double Top breakouts.
Initial resistance appears at the May peak near $25.70. A breakout there would signal that the previous uptrend has resumed with next potential upside tests near $27.25, $30.10, and $32.60 based on horizontal and vertical counts. Initial support appears near $21.90 based on a 3-box reversal.
With its SMAX score increasing to a bullish 6, UAA is exhibiting strength against the asset classes.
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