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 MLBShares 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.