UAA take two (1)you fooled me once stupid stock. this time i will have the last laugh! i am thinking that my timing was off , if it keeps dropping i believe UAA would be overextended too the downside so even if this stock is going down a counterbounce should be in order
market = -1 (i think the overall market sp500 will stand still or drop within short time)
timing = 1 (if the stock keeps dropping its going into some support area + its very overextended on the short term down 30% i 2 month)
fractal = 0 (not much has changed here)
volume = 1 (volume is higher on the upswing then on this recent sell off so i would still consider that a +1)
group strength = 0 (when i look at the big apparel manufacturing companies they look to be doing ok , not great but ok)
UAA trade ideas
your protection needs alittle more protection (2)under armour is acting strange, its not in sync with the market which is interesting, the stock already lost 78% of its value these past 2 years so a bounce should come. Question is how big should that counterbounce be and if 25$ was all she wrote.
Volume = 0
Group strength = 1
Timing the market -1
Abcd pattern = 1
Fractal = 1
UA Support and Resistance Levelswith Trump and China going at each other with Tariffs this will probably sell off with the rest of the market
I would just watch a bit for now on UA - it does seem like the downward trend could be broken so it might be a good to look for a place to buy, however their fundamentals kind of suck:
www.finviz.com
low sales Q/Q & high forward P/E ratio for a retail company
UA Wedge BreakoutI've been following Under Armour for a while now. I don't like this stock long, but on a swing trade this might be a good play here based off how the stock breaks out of this wedge pattern. If it break above $14.50, I'd keep it with a target of about $16.20. Obviously, if the stock breaks out to the downside, I'd stay away.
Under Armour is trying to breakoutUAA has been in long term down trend.
Now I'm looking at the possibility of reversal breakout.
- weekly chart touching the upper line of descending channel.
- daily chart is showing a gap-up with strong volume.
CAUTIONS
- UAA's down trend has been solid.
- UAA's fundamental is still disappointing in terms of growth rate of revenue, eps.
- However, short term chart shows institutional demands.
- check if breakout of upper channel line occur with strong institutional buying.