The US stock market is closed for the Dr. Martin Luther King Jr. Day holiday and resumes today. Meanwhile, here is a recap of Friday: the sports equipment company went up to $11.49, gaining 2.86%.
Trend and momentum analysis indicates that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $11.58, thereby suggesting that Under Armour is becoming overvalued. A study of Under Armour's historical price actions shows Under Armour is 20 cents away from testing key resistance at $11.69. Peaking above this level could inspire market bulls and open the path to further gains.
Notwithstanding Under Armour's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Under Armour's share price coincided with other consumer discretionary stocks as Amazon added 3% to its value, and traded at $98.12. Alibaba was up 3.41%.
While Under Armour was bullish Friday, the following consumer discretionary stocks underperformed: Toyota closed at $140.3 (down 1.45%).
Furthermore, the market is looking at United States Producer Price Index projected to come out at -0.1% — worse than previous data of 0.3%; data will be released tomorrow at 13:30 UTC. Projections for United States Core Retail Sales are set for a continuation of decline with -0.4% while previous data was -0.2%; data will be released tomorrow at 13:30 UTC. Tomorrow at 13:30 UTC data for United States Retail Sales will be released, with an expected decline to -0.8% from the preceding figure of -0.6%.
The sports equipment company has managed to gain 14.33% so far this year despite trading at lows around $6.62 previously.