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Fan Yang

Under Armour (UAA) Bearish Breakout vs. Key Support

Under Armour $UAA has been bullish since late 2017 after it fell to a low of $11.40 a share. It has reached a high of $24.70 in June, but has since been drifting sideways and retreating. 

UAA Daily Chart

(click to enlarge)

Bearish Pullback:
- The daily chart shows how price has been pulling back since it retreated from $24.70. 
- UAA has broken below a rising trendline support and the 100- and 50-day simple moving averages. 
- Meanwhile, the RSI broke below 40, which simply reflects loss of bullish momentum (This could be deduced from price anyways.)
- The RSI also tells us that bears have been in charge even though price has flattened. (We can see a bearish drive since June, and then a shift to a more sideways market since August.)
Support:
- The next key support is around $18.40. This is a previous resistance area that can turn into support. Also the RSI is just above, around $18.70. 
- If price can hold above $18.40, or at least $18.00, I would anticipate upside towards $21. 
- Otherwise, a break below $18 would likely open up $16 handle. A break below $16 would then open up the $11.40-$11.50 area (lows on the year). 

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