Under Armour (UA.US) shares tumbled more than 10.0% on Thursday after Morgan Stanley downgraded sports equipment company stock to ‘equal weight’ from ‘overweight’, saying confidence in its turnaround is waning after CEO Patrik Frisk announced that he would be stepping down, effective June 1. Company's board of directors decided it was time to shift from a restructuring posture, which Frisk oversaw since joining the company in 2017, to one focused on growth.
Under Armour (UA.US) stock has plunged over 50% so far this year. Currently the price is testing the lower limit of the wedge formation around $8.40. Should break lower occur, downward move may accelerate towards $6.40 where lows from March 2020 are located. On the other hand, if buyers manage to regain control, nearest resistance to watch is located at $10.00 and coincides with 78.6% Fibonacci retracement of the upward wave launched in March 2020. Source: xStation5
Start investing today or test a free demo
Open account Try demo Download mobile app Download mobile appThis content has been created by XTB S.A. This service is provided by XTB S.A., with its registered office in Warsaw, at Prosta 67, 00-838 Warsaw, Poland, entered in the register of entrepreneurs of the National Court Register (Krajowy Rejestr Sądowy) conducted by District Court for the Capital City of Warsaw, XII Commercial Division of the National Court Register under KRS number 0000217580, REGON number 015803782 and Tax Identification Number (NIP) 527-24-43-955, with the fully paid up share capital in the amount of PLN 5.869.181,75. XTB S.A. conducts brokerage activities on the basis of the license granted by Polish Securities and Exchange Commission on 8th November 2005 No. DDM-M-4021-57-1/2005 and is supervised by Polish Supervision Authority.
