Yesterday at a glance: an influx of sellers pushed the footwear and apparel maker to session lows around $9.26 while establishing a $9.26 to $9.56 session range yesterday.
United States ADP Nonfarm Employment Change (Mar) is next today at 12:15 UTC.
While price action maintains a negative bias, United States JOLTs Job Openings (Feb) released yesterday at 14:00 UTC with a figure of 9.93 million, while the previous figure was 10.56 million. United States API Weekly Crude Oil Stock came out at -4.35 million, while a consensus of analysts was expecting -1.8 million. United States Factory Orders improved upon its previous reading of -2.1% with a new data release of -0.7%.
Under Armour Inc made an initial break below its 5 day Simple Moving Average at $9.3, a possible indication of a forthcoming negative trend. Under Armour's upper Bollinger Band® is at $9.69 which indicates a further downward move may follow. On the other hand, note that Under Armour could begin to recover as it approaches significant support, now 12 cents away from $9.19. Dipping below could be an indication that further losses are ahead.
Following today's unexpected losses, extensive multifactorial technical analysis forecasts Under Armour to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the the footwear and apparel maker is expected to attract significant bearish sentiment in the coming days.
On the other hand, positive performances could be seen by looking at other consumer discretionary stocks as Nike traded at $123.69 after closing yesterday's trading day at $121.67 (up 1.66%). Alibaba was up 2.37%. Amazon traded at $103.95 after closing yesterday's trading day at $102.41 (up 1.5%).
Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -2.33 million. It previously stood at -7.49 million; data will be released today at 14:30 UTC.
Furthermore, United States ADP Nonfarm Employment Change (Mar) scheduled to come out today at 12:15 UTC. United States ISM Non-Manufacturing PMI (Mar) will be released today at 14:00 UTC.
Under Armour has shed $7.65 points and is languishing 44.76% lower over the past year, leaving its yearly highs around $16.96 in the rear-view mirror.