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February 28, 2023
A quick look at today: after ending yesterday at $9.67, Under Armour went up to $10.25 only to drop back, yet still traded well overall and closed at $9.93 today.
United States's Consumer Confidence new data released of 102.9 below its previous figure.
Under Armour's uptick comes amid good United States macroeconomic data released during the day — United States Pending Home Sales came out at 8.1%, better than analyst estimates of 1% and improving upon the previous reading of 1.1%. United States Core Durable Goods Orders improved upon its previous reading of -0.4% with a new data release of 0.7%.
Nevertheless, following a previous reading of 106, Consumer Confidence in United States released today at 15:00 UTC fell short of the 108.5 figure expected by analysts with an actual reading of 102.9.
Under Armour Inc made an initial breakout above its 5 day Simple Moving Average at $9.91, a potential indicator of a newly emerging bullish phase. On the other hand, note that although Under Armour is appreciating today after rising as high as $10.25, price action is now slowing and consolidating around 2 cents below the $9.91 resistance level.
Overall, looking at the technical analysis landscape, it seems Under Armour might continue pointing upwards in the short term.
A look at other consumer discretionary stocks also showed bullish price action as Pinduoduo gained 2%, as it traded at $87.73.
Under Armour went up today, yet these consumer discretionary stocks did not follow — Alibaba went down 1.64%, closed at $89.25. Walt Disney lost 0.84% today and closed at $99.61.
Also worthy of note, United States Crude Oil Inventories projected to decline to 440,000 while previous data was 7.65 million; data will be released tomorrow at 15:30 UTC.
Furthermore, the market is looking at United States ISM Manufacturing PMI (Feb) is expected tomorrow at 15:00 UTC.
The sports equipment company reached a significant high of $18.03 around 11 months ago but has lost 46.37% since then.
