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Fan Yang

Traders confirm Under Armour's (UA) bullish breakout

Recently, we saw Under Armour (UA) push above a month-long consolidation roughly between 35.35 and 39.30. 
Under Armour breaks above consolidation

UA 4H Chart 7/7

(click to enlarge)

Bulls retreat: The 4H chart shows that price pushed just above 40 before retreating. The inability to break that 200-period simple moving average shows that bulls were not in control yet.

Bulls respect support: Now, during the 7/6 session, price found support at 39. This shows a market that respects the broken consolidation as support. This means bears are losing control. 

Bullish targets: If my hunch is right, and this confirmation is true, UA has upside towards 42.10-43.05, a support/resistance pivot area

Failure: A break below 38 could be considered a failure to this bullish scenario. A false breakout to the upside could translate into a bearish continuation, or at least put pressure on the 35.35 area. 

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