Possible Bullish Inside Day Candle Pattern Detected for Lululemon Athletica (NASDAQ:LULU)
SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Lululemon Athletica (NASDAQ:LULU) based on the price action in the company's shares. Today's price range of $55.12 and $55.72 is within yesterday's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Lululemon Athletica may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.
Lululemon Athletica has overhead space with shares priced $55.51, or 13.2% below the average consensus analyst price target of $63.97. Lululemon Athletica shares should first meet resistance at the 200-day moving average (MA) of $57.65 and find additional resistance at the 50-day MA of $63.94.
Over the past year, Lululemon Athletica has traded in a range of $43.14 to $81.81 and is now at $55.51, 29% above that low. In the last five trading sessions, the 50-day moving average (MA) has climbed 0.6% while the 200-day MA has remained constant.
Lululemon Athletica Inc designs and retails athletic clothing. The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness.
SmarTrend recommended that its subscribers protect gains by selling shares of Lululemon Athletica on September 1st, 2016 by issuing a Downtrend alert when the shares were trading at $76.35. Since that call, shares of Lululemon Athletica have fallen 28.1%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.
Keywords: bullish inside day candle lululemon athletica