UAA Reports Results Good Enough to Trigger Some Short Covering... and Possibly More...

Let's notice that UAA has pierced its dominant down trendline, now in the vicinity of 21.80.

It will be very positive technically if UAA can close above the trendline.

Otherwise, all of the action in UAA since early Feb increasingly has the look of a major base formation in the aftermath of a bearish period from 52.92 high in Sept 2015, into its 18.40 low in March 2017.

Based on today's action, range trading within the base likely has ratcheted up from 18.80-20.80 to 20.80 to 22.30 until UAA breaks out altogether, into a powerful recovery rally that projects into the 25-27 target zone.

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