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Juliac
Oct 5, 2020 6:06 PM

LULU - Bull Flag  Long

lululemon athletica inc.NASDAQ

Description


LULU fell close into support @ 284 during its September sell off and started to rebound. It has since formed a higher low and now a higher high. With RSI now back >50, it is likely the uptrend will continue. Currently it is forming a bull flag and a break up of this flag is likely in the near future.

Long with an initial stop @ 321 (below the recent gap @ 323.60). Scale out partially at the next Fib level @ 357 and hope to ride the rest with trailing stop.

Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you.
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