Observation on LULU, upside breakout possible?
DISCLAIMER: Already have a long position on LULU, possibly looking to add more on pullbacks.
Looking at the chart patterns it looks like a bull flag has developed on the 1, 5, and 15 minute charts. The price action is above the ichimoku cloud signalling a bullish move on the 1 and 5 minute charts. Looks like this could be preparing for a near term move to the upside once it breaks the bull flag channel.
Coupled with a good chart pattern developing, the price action has a good level of fundamentals as a company, LULU recently reported blowout numbers that were above expectations and adjusted guidance for the year upwards.
I am thinking on any pullbacks (10% or more) I'll probably add to the portfolio long term as LULU looks to be on par with NKE.
Looking at the chart patterns it looks like a bull flag has developed on the 1, 5, and 15 minute charts. The price action is above the ichimoku cloud signalling a bullish move on the 1 and 5 minute charts. Looks like this could be preparing for a near term move to the upside once it breaks the bull flag channel.
Coupled with a good chart pattern developing, the price action has a good level of fundamentals as a company, LULU recently reported blowout numbers that were above expectations and adjusted guidance for the year upwards.
I am thinking on any pullbacks (10% or more) I'll probably add to the portfolio long term as LULU looks to be on par with NKE.
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