Get On Top of Under Armour
Last month I identified a short opportunity in Under Armour (UA). Now that the stock is getting close to the initial downside target for that sell setup, I've taken a look at the weekly chart, watching for parameters that might suggest at least a tradable low. This work has told me that stops should be tightened up on any shorts, and that we should also be prepared to turn it around for a trade if these next parameters hold and trigger an entry.Under Armour (UA) -- Daily Source: Dynamic Trader View Chart » View in New Window »
First let's look at the timing parameters illustrated on the daily chart. There are two time-cycle clusters underneath the current price that suggest a possible tradable low: between Dec. 17 and Dec. 19, and Dec. 24 to Dec. 26 -- right around the Christmas holiday. Under Armour is moving into these time cycles as it nears an important extension of a prior swing and some key weekly support that I'll show you on the next chart....259 more words left in this article. To read them, just click below and try Real Money FREE for 14 days.
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