Trading Roundup: Under Armour Sales Send Shares Soaring
Source: Pexels
Health and fitness are trending globally, and we don't expect this trend to go anywhere in 2018. Under Armour – the American manufacturer of sports and casual apparel, footwear, and gear – saw its share price rise sky-high on Tuesday morning, following the release of their Q4 sales report.
The company managed to sell much more than initially expected during the holiday period in December 2017. The total revenue of Under Armour climbed 5% to reach $1.37 billion, whereas analysts were expecting $1.31 billion, according to a Thomson Reuters survey1.
The company has been closely focussed on international sales, which also jumped 47%.
Under Armour Share Analysis
Under Armour (#UAA) has been enjoying a surge of buyers within the S&P 500 index. The index price is trapped within a channel that has a negative slope (bearish). However, the price has recently skyrocketed from the bottom making Adam & Adam pattern possibly targeting 2807-2881. There, we could see now-moment sellers who could reject the price within the scope of the channel targeting a lower POC zone again. POC stands for Point of Confluence, the zone where we should expect the price to react. However, a breakout above the Monthly H3 (M H3) 2881.07 should target 2936.58 and 3038.73.
Source: SP500 H8 chart, Admiral Markets MT5 with MT5SE add-on, Dec 2017 - Feb 2018
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