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April 12, 2023
Today at a glance: in today's bearish session, the sports equipment company shed around 1.31% in quick fashion, found support around the $8.87 level and finally closed at $9.07. In contrast, the day's events followed yesterday's session in which the stock closed at $9.19.
Under Armour is currently trading at $9.07 following the release of FOMC Meeting Minutes data from the United States.
This down-slide takes place while positive United States macroeconomics indicators data was published earlier – United States Crude Oil Inventories beat the -583,000 projections, with 597,000.
While price action maintains a negative bias, United States Consumer Price Index released today at 12:30 UTC with a figure of 0.1%, while the previous figure was 0.4%. United States Consumer Price Index came out at 5%, while a consensus of analysts was expecting 5.2%.
Under Armour Inc made an initial break below its 200 day Simple Moving Average at $9.24, a possible indication of a forthcoming negative trend. On the other hand, note that after reaching the $9.1 support zone, Under Armour bounced and climbed 3 cents above it.
Looking forward, Under Armour is poised to extend its strong downtrend and continue declining.
With markets struggling for positive sentiment, upcoming macro data could potentially attract buyers in the market as United States Initial Jobless Claims projected to decline to 232,000 while previous data was 228,000; data will be released tomorrow at 12:30 UTC.
Some optimism can drawn from the fact that United States Producer Price Index is projected to outperform its last figure with 0.1%. It previously stood at -0.1%; data will be released tomorrow at 12:30 UTC.
Having soared to a high of $16.72 approximately 11 months ago, the sports equipment company is now trading 45.04% lower.
