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May 19, 2023
Expected lower market open set to test ongoing trend following yesterday's bullish close: after closing at $7.42 on Wednesday, Under Armour rallied as high as $7.63 but ended the day at $7.62.
United States Fed Chair Powell speech is next today at 15:00 UTC.
Under Armour's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 242,000, better than analyst estimates of 254,000 and improving upon the previous reading of 264,000.
Meanwhile, United States Existing Home Sales (Apr) came out at 4.28 million, while a consensus of analysts was expecting 4.3 million. United States Philadelphia Fed Manufacturing Index (May) released yesterday at 12:30 UTC with a figure of -10.4, while the previous figure was -31.3.
Under Armour Inc made an initial breakout above its 5 day Simple Moving Average at $7.53, a potential indicator of a newly emerging bullish phase. Despite this, Under Armour is 8 cents away from testing key resistance at $7.7. Peaking above this level could inspire market bulls and open the path to further gains.
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 Booking Holdings added 3.13% to its value, and traded at $2,781. Amazon was up 2.29%.
Under Armour went up yesterday, yet these consumer discretionary stocks did not follow — Alibaba closed at $85.77 (down 5.41%).
Furthermore, the market is looking at United States Fed Chair Powell speech will be released today at 15:00 UTC.
On a negative trend for around a month. Approximately 3 months ago, the sports equipment company reached a significant high of $12.78 but has struggled to hold onto its gains and declined 41.94% since then.
