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Possible Bearish Inside Day Candle Pattern Detected for Lululemon Ath (NASDAQ:LULU)

By David Diaz

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Lululemon Ath (NASDAQ:LULU) based on the price action in the company's shares. Yesterday's price range of $216.79 and $224.35 is within the prior day'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. Owners of Lululemon Ath may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

Lululemon Ath (NASDAQ:LULU) defies analysts with a current price ($218.59) 58.3% above its average consensus price target of $91.07. The stock should find initial support at its 50-day moving average (MA) of $209.40 and further support at its 200-day MA of $207.35.

In the past 52 weeks, Lululemon Ath share prices have been bracketed by a low of $128.85 and a high of $266.20 and closed yesterday at $218.59, 70% above that low price. The 200-day and 50-day moving averages have moved 0.28% higher and 0.78% lower over the past week, respectively.

lululemon Athletica Inc. designs and retails athletic clothing products. The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness. lululemon serves customers worldwide.

SmarTrend is tracking the current trend status for Lululemon Ath and will alert subscribers who have LULU in their portfolio or watchlist when shares have changed trend direction.

Keywords: bearish am inside day candle lululemon ath

Ticker(s): LULU