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February 22, 2023
A 14 day downtrend has resulted in the asset losing $2.69. Today is looking a bit better: Under Armour trades at $10.09, after ending yesterday at $10.09.
United States FOMC Meeting Minutes is next.
Under Armour's state is reflected by market data as United States Existing Home Sales (Jan) came out at 4 million, while a consensus of analysts was expecting 4 million. United States 2-Year Note Auction released yesterday at 18:00 UTC with a figure of 4.673, while the previous figure was 4.139. United States Existing Home Sales released earlier showed a marked improvement to -0.7% from the preceding data of -2.2%, but fell short of the 2% figure forecast by a consensus of market analysts.
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.
Despite the market lacking direction, technical chart analysis strongly suggests Under Armour is positioned for a downward move in the near term.
Meanwhile, mixed performances are seen in other consumer discretionary stocks as Amazon added 2.29% to its value, now trading at $96.74. Home Depot is trading at $299.57 after ending yesterday's session at $295.5 (up 1.38%).
Moreover, United States Crude Oil Inventories projected to decline to 1.17 million while previous data was 16.28 million; data will be released tomorrow at 16:00 UTC. United States Initial Jobless Claims expected to decline to 200,000 while its preceding data was 194,000, data will be available tomorrow at 13:30 UTC. United States GDP is expected tomorrow at 13:30 UTC.
Under Armour hit a significant low of $6.62 around 4 months ago, but has since recovered 52.42%.
