Athletic clothing producer Under Armour (UAA) continues to steadily climb within the Green Favored Zone of the SIA S&P 500 Index Report. UAA has moved up into 31st place after climbing 6 spots on Friday and 136 places in the last month.
Earlier this month, Under Armour (UAA) shares completed a bullish Ascending Triangle base with a breakout over $12.00. Since then, the shares have remained under accumulation, steadily climbing toward initial potential resistance in the $15.00 to $15.50 range where a round number, measured move and previous support converge. Next potential upside tests after that on trend appear near $18.00, based on previous support/resistance and a measured move, then the $20.00 round number. Initial support has moved up toward $13.50 from the $12.00 breakout point.
Since bottoming out back in May, Under Armour (UAA) shares have been steadily recovering. After spending the spring and summer base building, accumulation has accelerated in recent weeks, with the shares have decisively breaking out to the upside with the completion of a bullish Spread Triple Top pattern confirmed by a higher bullish Double Top breakout.
Initial upside resistance for the shares appears near $15.65 where a test of a downtrend line converges with a horizontal count. Next resistance after that appears in the $18.35 to $19.10 zone based on vertical and horizontal counts. Initial support appears near $13.35 based on a 3-box reversal.
With a perfect SMAX score of 10, UAA is exhibiting near-term strength across the asset classes.
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