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.
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