The days of Lululemon Athletica inc. (NASDAQ:LULU) being the high flying stock that Wall Street loved seem so long ago. The popular yoga and athletic apparel maker, has sure seen better days as the share price has been cut in half over the past year. The stock hit an all time high of $82.50 back in June 2013, but has since been in a steady decline and currently is trading below the $40 level. I would like to say that the worst is behind this company, however, the weekly chart of Lululemon Athletica inc. (NASDAQ:LULU) is telling me otherwise. The chart pattern that is forming is what is known as a "bearish wedge" and there are also some proprietary signals signaling more downside. If it does play out in full then this stock could easily see a fall down to the $26-$27 level. The company is set to release its quarterly earnings on September 11 before the market opens. It will be interesting to see how the stock fares after the release, but by looking at the chart, it seems as though Lululemon may still be in the hands of the bears.
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Parm Mann
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If you only read one email again, make sure it comes from the Elite Round Table. Our FREE market emails contain information that can actually make you money. Ask yourself, what email have you read that can do that? Answer = none. Join our list here.
Parm Mann
Elite Round Table
Follow me on twitter: @ParmMannTrader