$LULU counter trend rally?
Mis à jour
I've seen a lot of chatter on Twitter lately about 
LULU since it's now 40% off the highs from the beginning of the year... this led me to look at the chart, and to me it's looking pretty bottomed out in the short term.
As you can see on the chart, we've largely been ranging in a large channel since 2021.
It would make sense to me that we'd see one more counter trend rally here (3rd touch on support) up to $384-$465 or so (around 40%-70% move higher). Note: There's also a possibility of a wick down to the support at $273. This might make a better entry. Losing that support level would invalidate the idea.
I think this move is likely to play out sometime over the next 2 or so months (if that support holds).
Let's see if it plays out.
LULU since it's now 40% off the highs from the beginning of the year... this led me to look at the chart, and to me it's looking pretty bottomed out in the short term.As you can see on the chart, we've largely been ranging in a large channel since 2021.
It would make sense to me that we'd see one more counter trend rally here (3rd touch on support) up to $384-$465 or so (around 40%-70% move higher). Note: There's also a possibility of a wick down to the support at $273. This might make a better entry. Losing that support level would invalidate the idea.
I think this move is likely to play out sometime over the next 2 or so months (if that support holds).
Let's see if it plays out.
Commentaire
Invalidated. Likely to head lower.
Clause de non-responsabilité
Les informations et les publications ne sont pas destinées à être, et ne constituent pas, des conseils ou des recommandations en matière de finance, d'investissement, de trading ou d'autres types de conseils fournis ou approuvés par TradingView. Pour en savoir plus, consultez les Conditions d'utilisation.