For the last six months, athletic clothing producer and retailer Lululemon Athletica (LULU) has been trending upward within the SIA NASDAQ 100 Index Report Since returning to the Green Favored Zone in September, LULU is up 7.2%. On Black Friday, it moved up 2 positions to 18th place and it is up 9 spots in the last month.
An eight-month downtrend in Lululemon Athletica (LULU) shares bottomed out back in June-July and since then, they have been steadily bouncing back. A new uptrend of higher lows has emerged in recent months which was confirmed earlier in November when LULU snapped a big downtrend line. Since then, the shares have climbed back up above 350.00 and remain under accumulation.
Based on previous peaks, initial upside resistance may appear near $380.00 followed by the $400.00-$410.00 zone. Initial support appears at the recent low near $340.00.
Lululemon Athletica (LULU) shares have been steadily bouncing back for the last six months, establishing a new upward trend of higher lows as they recover from a previous six-month selloff. Over this time, the shares have completed a series of bullish patterns starting with a Triple Top, continuing with Double Tops and most recently, staging a bullish Spread Double Top breakout
Based on a combination of horizontal counts and previous column highs, potential upside resistance may emerge near $378.15, then $409.30. Initial support appears near $329.15 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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