Lululemon Athletica Inc. (LULU) was reviewed just the other day where I wrote that, "LULU might suffer a short-term shake-out or dip but the overall technical picture suggests we could see higher prices in the weeks and months ahead. The $160 area is our upside price target and longs should risk below $125 for traders and below $119 for investors.
LULU has reached out price target area (see chart one below).
Raise stop protection to $130 for traders and investors.
Bottom line strategy: LULU has doubled in five months. Wow! The rally could go higher but prices are certainly extended. Raise stops.
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Here's a butterfly approach to playing SOLO, as dilution is likely on the way following the $200 million offering.
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