Pattern Opportunity – Long Under Armour (UA)

POWER OF THE PATTERN EXAMPLE

UNDER ARMOUR (UA)

PATTERN OPPORTUNITY TO LONG UNDER AMOUR (UA) SHARED:   1/23/13

Patterns of a falling resistance and on TWO long term rising support lines were reason enough to take a position in Under Armour.

Could also not ignore a resistance line comes where harvesting should be considered at the $50-$51 level and suggested  to members I would exit on a break of support, which would come into play at the $44 level.

UPDATE: 1/30/13

Under Amour breaks out of falling wedge pattern. So far so good!

UPDATE: 2/8/13

Suggested to harvest positions in Under Armour and to buy back on a breakout.  UA did break out and eventually peaked up near the 60$ level, and that’s a stock split adjusted price!

I hope this example provides helpful insight into how I attempt to find quality patterns for members on a daily basis.

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