Under Armour (UA) is taking a hit today, but it could be nearing some short term support here that could very well lead to a bounce in the near future.
Here’s my analysis on the chart as of today:
The key for $UA going forward will be whether it can find support as noted in the chart above. I think it will, but the extent of the bounce is in question as it may be just enough bounce to be rejected off of the declining resistance from the October highs. Plenty remains to be seen here. Keep your stops tight if you decide to trade it.
