Yesterday at a glance: Under Armour ended Monday at $7.45. yesterday it went up to $7.72 only to drop back, yet still managed to close at $7.53.
United States Crude Oil Inventories data will be released today at 14:30 UTC, with an expected decline to 367,000.
At the same time, United States ADP Nonfarm Employment Change (Oct) came out at 239,000, while a consensus of analysts was expecting 195,000. United States JOLTs Job Openings (Sep) released yesterday at 14:00 UTC with a figure of 10.72 million, while the previous figure was 10.28 million. Fresh ISM Manufacturing PMI (Oct) data from United States came out at 50.2.
Trend 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 $7.61, thereby suggesting that Under Armour is becoming overvalued. Chart analysis indicates although Under Armour is appreciating today after rising as high as $7.72, price action is now slowing and consolidating around 21 cents below the $7.74 resistance level.
Notwithstanding Under Armour's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
A look at other consumer discretionary stocks also showed bullish price action as Alibaba traded at $65.86 after closing yesterday's trading day at $63.58 (up 3.59%).
While Under Armour was bullish yesterday, the following consumer discretionary stocks underperformed: Amazon closed at $96.79 (down 5.52%). Toyota went down to $135.16, losing 2.63% after it closed at $138.81 yesterday.
Also worthy of note, United States Crude Oil Inventories expected to decline to 367,000 while its preceding data was 2.59 million, data will be available today at 14:30 UTC.
Furthermore, the market is looking at United States Interest Rate is expected today at 18:00 UTC. United States ISM Non-Manufacturing PMI (Oct) is scheduled for tomorrow at 14:00 UTC.
Under Armour hit a significant low of $6.62 around 13 days ago, but has since recovered 12.54%.