Lululemon Athletica Inc. - (LULU) - November 17, 2021
Exercise clothing retailer lululemon (LULU) has been steadily climbing up the rankings in the SIA NASDAQ 100 Index Report, recently returning to the Green Favored Zone for the first time since September of 2020. Yesterday, the shares finished in 16th place up 13 positions in the last month.
This chart highlights how the general trend in lululemon (LULU) shares has upshifted in recent months from a year-long sideways trend between $285 and $400, to a rising channel of higher highs and higher lows. Yesterday the shares closed at a new all-time high, indicating continuing accumulation and bringing the $500 round number closer into view.
Measured moves from recent trading ranges suggest potential upside resistance tests near $585, $615, and $630. Initial support appears near $450 then the 50-day moving average near $420.
After spending a year stuck in a sideways range, lululemon (LULU) resumed its primary uptrend back in August with a breakout over $400.00. The shares then spent a few weeks consolidating in a higher range and now have embarked on a new upleg, building on a recent bullish Double Top breakout.
The shares first test may emerge near the $500.00 round number barrier. Vertical and horizontal counts suggest additional potential resistance near $519.10, the $540.05 to $550.85 range, and then near $670.35. Initial support appears near $434.35 based on a 3-box reversal. With a perfect SMAX score of 10, LULU is exhibiting strength across the asset classes.
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