Under Armour Inc’s share price was heavily penalized and is now in an oversold situation near to a solid support area.

From a fundamental viewpoint, the company has a value in line with the industry as its enterprise value ratios shows.

Currently the stock is oversold and, in the mid-term, it is trading in a bearish trend. In the short term, this trend is reversed upon contact with the USD 47.7 area. Under Armour stock should be able to confirm its increase in the next trading sessions. This support is a trading opportunity in order to anticipate a technical rebound towards USD 51.8 and by extension towards USD 54.75.

Considering technical and fundamental elements, it seems to be an appropriate timing to take immediately a long position in Under Armour in order to benefit from the USD 47.7 support area. A first target price will be the USD 51.85 resistance. A stop loss order will be placed under the mid-term support currently tested. Only a crossing of USD 51.85 would validate a bullish trend in order to aim a higher target price.