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Lululemon Finds Support In A Familiar Area

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Lululemon Athletica Inc. (NASDAQ: LULU) shares are trading lower by $0.60 at $55.93 in Friday's session.

The catalyst for the decline may be a downgrade from Cannacord Genuity to Sell and a lowered price target from $65 to $44.

After a lower open, it immediately found support in a familiar area when it bottomed at $54.27. That low coincides with several lows in the $54.50 area from late October until mid-November.

So far, the ensuing the rally has yet to reach Thursday's close ($56.53) as $56.45 stands as the current high for the day as of 11:20 a.m. ET.

Posted-In: Technicals Intraday Update Movers Trading Ideas


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