I have a setup I’m stalking in LULU via a weekly chart. Now I say that I’m stalking this one because I do NOT see any official buy triggers yet that tells me it’s worth placing a bet on this stock. I am however anticipating a possible buy trigger if LULU tests one of the two key support zones I’m looking at on this weekly chart. The first zone comes in at the 57.91-59.02 area. The second zone comes in at 52.92-54.95. These price cluster decisions include some 100% projections of prior similar declines on this weekly chart along with some key retracements and even a Fibonacci price extension of a prior swing low to high. Then you may ask what a trigger is??
What I typically like to look at for a “trigger” to a setup like this, would be on a 30-minute chart of this stock. This is where I see a pattern shift to higher highs and lows, by taking out a prior swing high, along with the 8/34 EMA crossover to the upside. So far, we are not seeing either of these things happening, but like I said. I’m stalking this one for a decision within the next week or so. I would keep this one on your watch list!