- The LULU stock price has been struggling for six months.
- Currently, the LULU stock price is taking support at the 200-day EMA.
Lululemon Athletica Inc. (NASDAQ: LULU), commonly known as Lululemon, is a Canadian multinational athletic apparel retailer headquartered in British Columbia and incorporated in Delaware, United States.
According to the recent financial reports, Q3 2030 was announced on August 31, 2023, for the period ending June 2023. The estimated EPS was $2.539, and the reported EPS was $2.684, which was positively surprised by $0.141 (5.55%).
The estimated revenue was $2.171 Billion, but the reported revenue was $2.209 Billion, which was positively surprised by $38.65 Million (1.78%). The revenue increased by 18.24% by the last financial reports.
According to the technical indicators, the LULU stock price is trading between the 100 and 200-day EMA. RSI is at 40 and showing a bearish forecast for this stock. MACD is showing some negative volumes, and EMAs are also negative and favor bearish momentum.
LULU Stock Price Technical Analysis in 1D Timeframe
LULU’s stock price is trading at $370.10 with an intraday gain of 0.48%. The market capitalization is $48.49 and the public float is 110.46M. The average volume is 1.19M and the P/E Ratio is 46.87.
Currently, the LULU stock price has been stuck in a parallel channel and taking support on 200-day EMA. Every time the price is facing resistance from the $390 mark and falls to the support level of $360.
Lululemon Athletica Inc. stock price is approaching the support level of $360, if the price holds here and in the upcoming few sessions the price takes a reversal then the price may gain some bullish momentum.
But if the price sustains over 100-day EMA then strong buying can be seen here and investors may show their faith which may result in pumping the price and again price may face resistance near the $390 level.
On the other hand, if the LULU stock price fails to defend the $360 mark and sustains below the support level the price may decline further and sellers may get control. If the sellers hold the grip then it may be very difficult for the buyers to dominate and a downtrend can be seen.
At the beginning of September month, the LULU stock price started melting and entered a parallel zone. The price took a positive pullback and declined by 4.97%.
Conclusion
The company has consistently sustained its net profit year-on-year and the Debt of the company is also constant. The LULU stock is trading in a bullish market structure and has broken out above the triangle pattern following a bullish EMA and RSI on weekly charts. Therefore, the stock price can advance to higher levels and may hit an all-time high as the next resistance resides at the same levels.
Technical levels
Resistance Levels: $390 and $406
Support Levels: $360 and $327
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only. And they do not establish financial, investment, or other advice. Investing in or trading stock comes with a risk of financial loss.
Dr. Naveen Singh is an entrepreneur with achievements in sports, academics, healthcare, innovation, blockchain technology, telecommunications, and philanthropy. He is the Co-Founder and Chief Executive Officer (CEO) of Inery, the first layer-1 blockchain programmed for database management. With Inery, he aligns with his vision of a new paradigm for data to empower web3 and complete decentralization.