Today’s instrument is Lululemon Athletica Inc.‘s stock traded on the Nasdaq exchange under the ticker LULU. 

When we look at LULU‘s chart, we see its impressive buildup and breakout leading to its Earnings announcement on the 29th of March. It steadily climbed from the $310 range on the 24th to the $330 before the announcement day, it rallied to $350 with the positive news, and during yesterday’s session, it extended its positive run with a spike from the open, hitting the $370 and managed to reach as high as $390 intraday. It was last found trading in the $376 range, having the closest support level at $350 and a temporary overhead resistance level at $390.

Lululemon Athletica Inc. had scheduled a quarterly earnings announcement on 29/03/2022. Earnings expectations were surpassed, EPS beat expectations, and Revenue reported matched the estimates.

Today we can expect an extension of the short-term trend and a move towards $390 challenging the closest resistance level. 

If however, it doesn’t manage to hold on to the current level then a move towards the $365 temporary closest support level can be expected.

(Click on image to enlarge)