Under Armour Continues to Climb Higher

The Under Armour (NYSE:UA) stock has been trading in a consolidative manner since Wednesday, staying between the 17.18 and 17.90 levels. That said, looking at the broader picture, we see that the price structure is still of higher highs and higher lows above the upside support line drawn from the low of Sept. 22, as well as above all of our moving averages on the 4-hour and daily charts. Having these technical signs in mind, we will consider the near-term picture to be positive.

If investors still find the stock attractive, even at current levels, we may see a break above 17.90, something that will confirm a forthcoming higher high. We could then experience extensions towards the low of Dec. 6, 2019, at 18.80, the break of which may set the stage for more advances, perhaps towards the low of Jan. 10, at 19.55.

Looking at our short-term oscillators, we see that the RSI, already above 50, has turned up again, while the MACD lies above both its zero and trigger lines, and has recently turned up as well. Both indicators suggest rising upside speed, which supports the notion for further advances in this stock.

Now, in order to abandon the bullish case and start considering a bearish reversal, we would like to see a decisive dip below the psychological zone of 15.00, which is also marked by the high of Nov. 13. The share price would already be below the pre-discussed upside line, with investors perhaps allowing declines towards the 14.00 territory, defined as a support by the low of Nov. 12. Another dip, below 14.00, could pave the way towards the low of Oct. 29, at 13.15.

Under Armour 4-hour chart technical analysisUnder Armour 4-hour chart technical analysisOriginal Article

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