Close to Key Levels: Lululemon
Published on Wednesday, 06 March 2013 07:56 Written by TradersHuddle Wire
New York, March 6th (TradersHuddle.com) - Lululemon Athletica Inc. (NASDAQ:LULU) closed the trading day at $69.13, near its 50 day and 200 day moving averages set at $69.62 and $67.89 respectively. Lululemon's price action placed the stock above the 200 day moving average but below its 50 day moving average, a setup that signals a possible break out.
Lululemon Athletica Inc. (NASDAQ:LULU) designs and retails athletic clothing. The Company produces fitness pants, shorts, tops and jackets for yoga, dance, running, and general fitness.
Lululemon seems to be setting up for a tight range between the 200 day moving average as support and the 50 day moving average serving as resistance.
A tiered approach, appears to be the best strategy to maximize possible movements in the stock, as traders could establish a small position in Lululemon and wait for the stock to break out above its 50 day moving average at $69.62. Then they could add to the position as momentum builds with the breakout. On the flip side, if support being referenced at the 200 day moving average set at $67.89 breaks, it could signal further downside pressure for Lululemon.
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