More Downside for Under Armour ?

Published on Tuesday, 10 July 2012 11:34 Written by TradersHuddle Wire

New York, July 10th (TradersHuddle.com) - Shares of Under Armour, Inc. (NYSE:UA) booked a new 52 week low by trading below $52.62. Traders are definitely monitoring Under Armour's price action to see if this move attracts further selling, or if this last push down sets a tradable bottom in the stock.

Under Armour, Inc. (NYSE:UA) develops, markets, and distributes branded performance products for men, women, and youth. The company offers products made from moisture-wicking synthetic fabrics designed to regulate body temperature and enhance performance regardless of weather conditions.

Under Armour is currently trading -49.48% versus its previous trading session close, and it has calculated support and resistance at $89.00 and $95.29 respectively. Clearly, with this action this range has been penetrated, and traders will be reviewing price action to establish a new tradable range.

The overall market index S&P 500 is trading lower by -0.14% from its previous trading close, which means that Under Armour stock is underperforming the overall market.