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Fan Yang

Under Armour (UA) Cracks Range Resistance

Let's follow up with last week's assessment of Under Armour (UA). "Under Armour to Test Range Resistance". 

Under Armour (AU) Daily Chart

(click to enlarge)

Range Resistance:
- The daily chart shows Under Armour (UA) in a range roughly between 17 and 20. 
- It ended last week cracking the range resistance. The impressive thing is that it accelerated towards the resistance instead of slow down.
- The other key bullish signal is the RSI pushing above 70, which reflects bullish momentum.
- If price retreats, a bullish market should hold above 18.50.
- In the previous assessment, we said a break above 20.20 opens up the 23.50 pivot with some room towards 25, where price would test the 200-day simple moving average (SMA). 
- Because the prevailing trend is still bearish, we should limit the most aggressive target to 27.50-28 area, which involves the high on the year, and a common resistance area for a consolidation that stretched from November through January.