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May 12, 2023
Slightly weaker but mostly flat: Under Armour is currently trading at $7.54 as it maintains an active range between $7.54 and $7.76.
United States Producer Price Index released earlier showed a marked improvement to 0.2% from the preceding data of -0.4%, but fell short of the 0.3% figure forecast by a consensus of market analysts. Highly important Initial Jobless Claims data from United States beat analyst expectations of 245,000 with a reading of 264,000.
Amid the market gloom, United States U.S. Baker Hughes Oil Rig Count released today at 17:00 UTC with a figure of 586, while the previous figure was 588.
A study of Under Armour's chart reveals various key levels to watch: Under Armour Inc could begin to recover as it approaches significant support, now 3 cents away from $7.51. Dipping below could be an indication that further losses are ahead. Trend-focused traders would be interested to note that the Commodity Channel Index (CCI) indicator is below -100, meaning the market price is unusually low and below its rolling moving average. Technical analysis indicates that a new, strong downtrend could be forthcoming with short positions favored. Momentum evaluation shows that the Relative Strength Index indicates Under Armour is in an oversold condition, which could precipitate a reversal and set up a new bullish phase. According to asset volatility analysis, Bollinger Bands® shows an indication of recovery: the lower band is at $7.64, a low enough level to, generally, suggest that Under Armour is trading below its fair value.
With market volatility ebbing, the current technical outlook indicates Under Armour will remain range-bound for the immediate future.
In the meantime, negative performances are also seen in other consumer discretionary stocks as after closing the previous session (yesterday) at $122.22, Nike lost $2.66 and is trading around $119.56. After closing the previous session (yesterday) at $112.18, Amazon lost $2.61 and is trading around $109.57. After closing the previous session (yesterday) at $87.89, Alibaba lost $2.53 and is trading around $85.36.
On a negative trend for around a month. Having set a significant high of $12.78 3 months ago, the sports equipment company is trading 40.14% lower.
