Under Armour shares gain the most in three weeks on Monday as Deutsche Bank upgrades the stock to “Hold”

Shares of Under Armour Inc (UAA) gained the most in three weeks in New York on Monday, after Deutsche Bank raised its rating on the stock to “Hold” from “Sell” previously, citing that rapid growth of the companys international business could facilitate balancing sluggish sales in North America. The investment firm also revised up its price target on the stock to $16 from $13 previously.

Under Armour shares closed higher for a second consecutive trading session on Monday. It has also been the sharpest daily surge since April 4th. The stock went up 3.91% ($0.63) to $16.73, after touching an intraday high at $16.85, or a price level not seen since April 13th ($17.20).

In the week ended on April 22nd the shares of the athletic apparel manufacturer lost 2.37% of their market value compared to a week ago, which marked a second consecutive period of decrease.

However, due to yesterdays gain, the stock has neutralized earlier losses and is now up 2.32% so far during the current month, following a 1.39% slump in March. The latter compares with a 2.69% drop in the underlying index, S&P 500 (SPX).

For the entire past year, the shares of Under Armour Inc plunged 50.33% following another 30.24% slump in 2016.

“First-quarter and fiscal year 2018 earnings are attainable in our view, reflecting improved sell-through of new products and a commitment to cost reduction”, Deutsche Bank analyst Paul Trussell wrote in a client note, cited by CNBC.

“While North American wholesale trends continue to face pressure, new accounts partially offset and we believe international growth remains robust as we note Under Armours peers in the athletic space recently produced outsized growth overseas, particularly in China”, he added.

At the same time, Trussell noted that new investment initiatives in physical education, athletic facilities and sports leagues, undertaken by Chinas government were expected to jumpstart the Asian nations athletic apparel market.

Daily and Weekly Pivot Levels

With the help of the Camarilla calculation method, todays levels of importance for Under Armours stock are presented as follows:

R1 – $16.78
R2 – $16.83
R3 (Range Resistance – Sell) – $16.88
R4 (Long Breakout) – $17.04
R5 (Breakout Target 1) – $17.22
R6 (Breakout Target 2) – $17.31

S1 – $16.68
S2 – $16.63
S3 (Range Support – Buy) – $16.58
S4 (Short Breakout) – $16.42
S5 (Breakout Target 1) – $16.24
S6 (Breakout Target 2) – $16.15

By using the traditional method of calculation, the weekly levels of importance for Under Armour Inc (UAA) are presented as follows:

Central Pivot Point – $16.22
R1 – $16.54
R2 – $16.97
R3 – $17.29
R4 – $17.60

S1 – $15.79
S2 – $15.47
S3 – $15.04
S4 – $14.60