After hitting a low of 270 in early March, LULU began a rebound that soon hit into resistence between 316-320 and pretty much gyrate between 300-320 till 9th April when it finally broke above this resistence.
However it soon stall a few days later and then "crashed" all the way back to test 316 on Tuesday and rebounded strongly from there the next day (ie yesterday). A break above resistence and then a retest of this level a few days later has now establised that the resistence has now turned into a support.
The odds of LULU continuing the uptrend is good (plus RSI is still above 50) with new found support around 314-316.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
However it soon stall a few days later and then "crashed" all the way back to test 316 on Tuesday and rebounded strongly from there the next day (ie yesterday). A break above resistence and then a retest of this level a few days later has now establised that the resistence has now turned into a support.
The odds of LULU continuing the uptrend is good (plus RSI is still above 50) with new found support around 314-316.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
Note
LULU hit into 1st Target and immediately retrace! Those who had scaled out at least partially there would feel some comfort. Tighten stop loss for any opening positions and let's see where this correction will bring us.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.