lululemon athletica inc. (LULU) together with its subsidiaries, designs, distributes, and retails athletic apparel and accessories for women and men. It operates through two segments, Company-Operated Stores and Direct to Consumer.
LULU's shares have been steadily climbing out of the red unfavored zone where they have spent the better part of 2021. After moving up 49 spots over the past quarter and 24 spots over the last month, the shares sit just outside of the Green Favored Zone at a current rank of 28 within the NASDAQ 100 Index Report.
Looking at the candlestick chart, price broke out and closed above its prior all time high on July 23rd, 2021. Creating a new all time high of $415.34 which currently serves as initial resistance. Shares are testing prior resistance which has turned into support around that old all time high at approximately $390, where two prior resistance levels sit.
Yesterday, price formed a bullish engulfing candlestick pattern and sits just above its 50 day simple moving average (SMA). Lower support lies at the $365-$359 range.
Shares of Lululemon Athletica (LULU) have been on a tear since late May of this year, most recently completing a bullish double top breakout with a close above the $402.50 area shown on the point and figure chart.
Initial support lies at $385 based on a 3-box reversal, and below that at $341.75 where a prior bullish double top breakout had successfully occurred. Based on vertical counts initial resistance appears at $467.15 and above that at the $500 round number.
With a bullish SMAX score of 9, LULU is exhibiting near term strength against the asset classes.
Disclaimer: SIACharts Inc. specifically represents that it does not give investment advice or advocate the purchase or sale of any security or investment whatsoever. This information has been prepared without regard to any particular investors investment objectives, financial situation, and needs. None of the information contained in this document constitutes an offer to sell or the solicitation of an offer to buy any security or other investment or an offer to provide investment services of any kind. As such, advisors and their clients should not act on any recommendation (express or implied) or information in this report without obtaining specific advice in relation to their accounts and should not rely on information herein as the primary basis for their investment decisions. Information contained herein is based on data obtained from recognized statistical services, issuer reports or communications, or other sources, believed to be reliable. SIACharts Inc. nor its third party content providers make any representations or warranties or take any responsibility as to the accuracy or completeness of any recommendation or information contained herein and shall not be liable for any errors, inaccuracies or delays in content, or for any actions taken in reliance thereon. Any statements nonfactual in nature constitute only current opinions, which are subject to change without notice.