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Under Armour (UAA) Cracks the 2017 Range Support

Last week, we discussed how Under Armour's (UAA) failure confirm a price bottom might lead to a break into fresh low. This week, we are seeing the bearish scenario materalize.

UAA Daily Chart

(click to enlarge)

Bearish Continuation:
- The break below the 2017 low is a break below a consolidation range. 
- The prevailing trend has been bearish since late 2016, so this breakout is a sign of bearish continuation.
New Resistance:
- If shares of UAA are indeed continuing the bearish trend, there should be resistance now around 20.
- A break above 21.00 would signal a period of consolidation or even bullish correction. 
- But for now, we should anticipate resistance around 20 or even the current support around 18.50, which might turn into resistance.