Under Armour, Inc. (NYSE:UA) : Consolidation

Under Armour Inc (UA) has risen from $34 to a high of around $48 since it bounce off the kumo support back in September.

Currently, it seems like it is going through consolidation with a trading range of $44 to $48; though I see pretty good support at $46 given that the leading kumo is pretty thick.

We can also confirm that the uptrend is taking a pause from the fact that both the Tenkan sen and Kijun sen has flatten.

This consolidation will be a good chance for it to move towards $54 range and subsequently higher.

In my opinion, UA could also be a target of acquisition given its focus and strength in the sports market and its ability to renew relevant rights for its apparels within its niche.

By iam802

Trend trading with Ichimoku