Rays of Hope for a Turnaround

It has been a while since we updated retail sportswear play, Under Armour.

On the daily timeframe, below, one aspect of the chart which stands out of late is the strong pattern of buy volume, denoted on the bottom pane. With consistent spurts of upticks in big buy volume bars, the stock seems rather comfortable holding over $20, which seemed to be a baseline scenario for bulls to make any sort of progress in the name. 

Furthermore, UAA has certainly paid its due since June basing out for a potential fresh move higher, as there seems to be plenty of buying energy being built up for a new move up. 

UAA is one of those names which seems to have fallen through the cracks in retail: Nike's recent gambit garnered international headlines, and the young guns of growth in the sector like FIVE GOOS OLLI RH W have captured the hearts and minds of longs, among others. 

But the brand still has plenty of appeal, and a continuation of the May/June rally now in the fourth quarter overall $22 is a viable scenario I am considering here.

Elsewhere, TSLA continues to be not worth the trouble trading long or short, and the GE CEO change is galvanizing longs due to the prospect of that firm finally waking up with a sense of urgency to turn around a sinking ship.