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May 24 Chart of the Day - Lululemon

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

A dismal start to the year for Lululemon Athletica Inc. (LULU) was made even worse this week after the departure of a key executive heightened Wall Street’s concerns around the outlook for the active wear company just ahead of its June 5 earnings report.

Last featured in September 2023, we decided to update their chart from a price action technical analysis perspective.

Monthly Chart 

LULU monthly price action technical analysis review

On the monthly chart we can see that after setting its $516.39 all time high (ATH) back in December 2023 price fell dramatically over time in search of a bottom and bounced around the $300 area today.

With bleak outlooks from similar retailers the bears may not be finished yet.

Weekly Chart

LULU weekly price action technical analysis review

On the weekly chart we can see with much more clarity the dramatic fall from ATHs so far this calendar year.

Trading at $304.92 earlier today price is essentially where it was about twelve months ago with a rapid rise above only to return in relatively short order.

We've layered in traditional Fibonacci levels in both directions as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans.

So what's next? 

We don't make predictions...

Nobody knows for sure but using these 5 price action tools traders and investors can develop levels of interest in both directions.

  1. Support/Resistance
  2. Trend
  3. Fibonacci 
  4. Supply/Demand Zones,
  5. Change Control Zones

ChartPros provides the exact methodology in its price action technical analysis courses to create charts like this with the most precise and accurate levels from which investors and traders can formulate their respective trade plans.

Take a look at the charts and let us know what you think.  

We'd like to hear from you in the comments sections.

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