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[/et_pb_code][et_pb_text _builder_version=”4.8.1″ _module_preset=”default”]Hi, good afternoon folks that we’re taking a look at you a Under Armour and this is a situation where I may choose to buck the seasonal trend now technically, we are in this so called bullish trend from och four to 19. See we have a bullish trade from og for dog 19. And then we flip to a bearish seasonality bias on August 28, through around the mid November timeframe November 18. Last year being a pretty negative year there, but you’ll notice that I’m not giving this bearish signal a lot of weight you can see it has received literally the lowest score possible within our smart market scanner. Does it mean that it’s a bad trade or bad setup or necessarily good trade or a good setup, the market will dictate whether that’s a good trade or a bad trade. But I’m just showing you that it is coming in on our lowest probability. Remember, five is the highest ranking point 01 is the worst, we may not put as much weight into it as he would with something he comes in with a score of say two or higher, three or higher, or four or five or higher. But let’s look at the charts and see why we’re even considering this. So after we have come up to this high at around 26. We are pulling back down here into the 200 day moving average support. You’ll notice that this is a nice little area of structure as well. Why? Because it’s an area that we basically broke out from this trend line resistance and shot up to these high No, we didn’t take out these highs up here at 2630. But it’s close enough for government work. But technically speaking, that is important. The fact that we didn’t take out those highs are important means that we could possibly move to the downside. But what I’m seeing here is a fairly nice clean trend line that we’ll draw right there. And we have pulled back into the 786 fib retracement, also an area of support structure and 200 day moving support. So what we’re looking at over here is eyeballing are looking for a potential bullish divergence signal which we have not yet we do have a minor trend line that we can draw right here. Remember, this is coming off of the weekly. So looking over here on the daily, we’ll draw that like so. So aggressive traders can consider Long’s up here about 2075 2080. more conservative traders may wish to wait to see if we get back above this resistance, the weekly trend line resistance or the 618 coming in around 21 half, and then we’re going to be looking for first targets at 24. And then up to these swing highs at 26. Risk is moderately low down here below $20, I would probably give it a little bit more room perhaps even down to 19, half 19. Or if you look for a longer term trade, maybe even down here to this 18 haftar. But I don’t think that’s necessary, we’re either going to break out and trade higher, or it’s going to potentially continue to fall or we may get a false breakout to continue to roll over. So that’s why we want to keep our risk reward pretty tight[/et_pb_text][/et_pb_column][/et_pb_row][/et_pb_section]
