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Under Armour Update

Published 03/01/2021, 12:00 PM
Updated 07/09/2023, 06:31 AM

Under Armour Daily Chart.

Under Armour (NYSE:UAA) has been consolidating above key support since its powerful post-earnings gain back on Feb. 10. This bull flag is giving way today, setting shares up well for a move into new 2021 high territory.

UAA has now extended its rally off the 50-day moving average, which held the January-February lows, to 32%.

We highlighted UAA back in May as it retested the March-April lows. The stock has gained more than 185% since the May 20 close.

We regard UAA as a low-risk buy at current levels. A close back below last week’s low ($21.00) would indicate more consolidation is needed before new 2021 highs can be reached.

Note: We are long UAA in some managed accounts.

You can read Gary S. Morrow's original post here.

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