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 $44 level.
Under Amour breaks out of falling wedge pattern. So far so good!
Suggested to harvest positions in Under Armour and to buy back on a breakout. UA did break out and eventually peaked up near the 60$ 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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