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Can the MLB Deal Turn Things Around for Under Armour (UA)?

Just read about Under Armour in an exclusive deal with 30 MLB teams, to start in the 2020 season. Here's a brief outline from Seeking Alpha: Under Armour inks historic deal with MLB

Shares of UA have been sliding. In fact, price headed into the weekend with a new 52-week low and cracking the 30.00 handle. From a technical perspective it looks like there is further downside.

UA Daily Chart 12/5

(click to enlarge)

Bearish Continuation:
- As we can see in the daily chart, UA was bearish heading into 2016, then consolidated throughout the year.
- It broke lower in October signaling bearish continuation. Price then stalled above 30.00 for the month of November. 
- Last week, we saw price break below this November consolidation range, further signaling bearish continuation.

The MLB deal is no surprise, but its confirmation is a positive. The question is whether the market believes in this deal enough to turn UA bullish. I think if price remains above 30.00 and turns up above 33.00, we would have a case for bullish reversal.

But for now, it is risky to assume the MLB deal will turn this bearish trend around. 

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