Under Armour (UA) seems to be under pressure and may be poised to drop below the kumo support soon.
1. Chikou Span has pierce through the price level
2. Tenkan sen has cut Kijun sen and with price above the kumo, this is suggesting a possible head start for a bearish move (weak bearish move now)
3. Price gap down about 5 days back.
4. Putting all these together; it seems a letter ‘M’ is forming.
Note:
At the same time, do note that UA is still trading above the kumo and the support is fairly thick.
2 replies on “Under Armour, Inc (UA): Price under pressure. Letter M?”
Seems like the price action for the day seems to be suggesting that the kumo support will hold.
Note:
I have a SHORT Apr 65/70 CALL position
[…] fail. Mar 30, ’11 10:55 AM Author iam802 Categories Consumer Goods Tags UA My last post on Under Armour (UA) forming a letter ‘M’ did not turn up well.UA held its ground above the fairly thick kumo support and did not go […]