When we look at the Lululemon Athletica Inc (NASDAQ:LULU) chart, we see its impressive buildup and breakout leading to its earnings announcement on Mar. 29. Earnings expectations were surpassed, EPS beat expectations, and Revenue reported matched the estimates.
It steadily climbed from the $310 range on the 24th to $330 before the announcement day. It rallied to $350 with the positive news. During yesterday’s session, it extended its positive run with a spike from the open, hitting $370 and reaching as high as $390 intraday.
It was last found trading in the $376 range, having the closest support level at $350 and a temporary overhead resistance level at $390. Today we can expect an extension of the short-term trend and a move towards $390, challenging the closest resistance level.
If however, it doesn’t manage to hold on to the current level, then a move towards the $365 temporary closest support level can be expected.
