Lululemon surges - Analysis - 30-03-2023

Economies.com
2023-03-30 12:51PM UTC

Lululemon Athletica's stock (LULU) surged in the intraday levels after the clothes retailer reported forecast-beating quarterly results and presented strong full-year outlook, marking a remarkable profit of 12.72% in the last session, or 40.73 points, and settling at 361.04, with trading volumes surpassing 11.5 million shares, above 10-day averages of 3.2 million shares. 

 

Technically, the stock is dominated by the upward correctional short-term trend, while trading above the 50-day SMA, coupled with positive signals from the RSI despite reaching overbought levels. 

 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 386.70, provided it settles above 328.16. 

 

Expected trend for today: Bullish

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