Under Armour (NYSE: UA) — This designer and maker of apparel, footwear and accessories for sports enthusiasts has seen its stock price more than double in the past year. However, despite the advance, many research firms still have a strong buy rating on the stock. Annual targets from most of the firms are between $80 and $85, and the stock is getting very close to those numbers.

Technically, UA stock has advanced on a series of stair steps, sometimes called “base moves.” These are very bullish formations that resemble cups.

But since higher volume always accompanies a breakout from a cup, it is possible that UA has temporarily run its course. Note how buying volume (green) rose prior to last week, but fell sharply as the stock approached a new high of $80. Also note that the stochastic is very close to a new high and has issued a short-term sell signal.

Traders could take a very short-term (and risky) position now with a target of $85 to $90. But be careful and use stop-loss orders to protect against a violent reversal, which could drop prices back to support at $70 where this volatile stock could be bought again. And short sellers could enjoy a profitable ride down in the meantime.