Lululemon, (LULU), engages in the designing, distributing and retail of athletic apparel and accessories. May was a CRAZY month for them as their stock FLEW from its low of $214.20, ALL the way to its ATH currently at $300.40, an increase of $86.20!! The craziest thing is, in my opinion, it IS NOT even done RISING. Here is why I believe this. The start of May was shake, being that LULU had opened really close to its support of $210.74. It held its ground and fought that support, the reason being that all of the support lines are close together, meaning their is a ton of support and it would likely not break through it, which it did not. This is the case for the upcoming month. The support seams to be rising while the tock rises. As it stands, LULU is no where near its support, and is in fact, in the resistance zone. It broke through last weeks Second resistance at $294.1. Looking at the trend from the month of May, it seems that as the stock broke its weekly resistance levels, they would continue to increase. I believe the Third, Fourth, and Fifth resistance lines will continue to increase, and LULU will explode through it and become a big time player in the fashion/athletic industry. On top of just chart reading, major competitors of LULU, such as UnderArmor (UAA), is struggling to compete with LULU, as "The company experienced a loss in sales because of store closures, which dropped 23% in Q1. But the outlook for the company was grim even before the pandemic struck, its stock depreciating by more than 80% since 2015." Im getting wild here, and purchasing volume 370 calls, with 47 day expirys. These are all just my opinions, so please let me know what you think in the comment! If you have any questions, feel free to ask!
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Sorry. Didn't mean to post that chart again. it was meant to be the source to that quote.
blog.mywallst.com/ca...ur-survive-covid-19/
blog.mywallst.com/ca...ur-survive-covid-19/
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im short on lulu this week