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Mark Holder

Under Armour: Breaking the Downtrend

The market got far too bearish on Under Armour (UA, UAA) heading into earnings and it only took a decent quarter to rocket the stock up 15%. In the process, the athletic apparel stock appears to have broken the long downtrend. The stock bounced off the 200ema so some upside resistance still exists, but Under Armour also held up well during the recent market collapse creating a crucial higher low. 

Nike (NKE) trades at about 3x sales estimates so don't be in a hurry to sell Under Armour trading at only 1.5x sales estimates of about $5.1 billion. 

Disclosure: Long UA  

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