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Possible Bearish Inside Day Candle Pattern Detected for Under Armour (NYSE:UA)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Under Armour (NYSE:UA) based on the price action in the company's shares. Today's price range of $39.15 and $39.70 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Under Armour may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Under Armour share prices have moved between a 52-week high of $105.89 and a 52-week low of $35.35 and are now trading 12% above that low price at $39.64 per share. Over the last five market days, the 200-day moving average (MA) has gone down 1.1% while the 50-day MA has declined 4.5%.

Potential upside of 168.9% exists for Under Armour, based on a current level of $39.64 and analysts' average consensus price target of $106.61. The stock should find initial resistance at its 50-day moving average (MA) of $67.50 and further resistance at its 200-day MA of $84.11.

Under Armour, Inc. develops, markets, and distributes branded performance products for men, women, and youth. The Company designs and sells a broad offering of apparel and accessories made of synthetic microfibers.

SmarTrend recommended that its subscribers protect gains by selling shares of Under Armour on April 8th, 2016 by issuing a Downtrend alert when the shares were trading at $43.96. Since that call, shares of Under Armour have fallen 9.6%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bearish inside day candle Under Armour

Ticker(s): UA