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Lululemon Finds Resistance Again At $67 Level

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Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Lululemon Athletica Inc. (NASDAQ: LULU) shares were trading higher by $0.26 at $65.62 in Thursday's session. The catalyst for the rally is the addition of it to Wedbush's ‘Best Ideas List.'

After a higher open ($66.05 vs. Wednesday's close of $65.38), it rallied and found resistance in a familiar area. On June 29, it peaked at $66.71 and another rally on August 18 was halted at $66.98. In today's session, it found resistance inbetween those two levels at $66.88 and reversed course.

So far, the decline has found intra-day support at $65.62 and is attempting to rebound into the $66 handle. If the decline continues through the intra-day low, there may be some additional support at Wednesday's close ($65.36).

Posted-In: Premarket outlookTechnicals Intraday Update Movers Trading Ideas

 

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