Don't Ignore This Chart!

Lululemon Forms Bearish Engulfing at Resistance

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Not all stocks participated in Wednesday’s big advance. Lululemon (LULU) started strong,
but quickly succumbed to selling pressure and closed sharply lower. With a strong open
and weak close, a bearish engulfing pattern formed at resistance. Also notice that MACD
moved below its signal line last week.  

130103lulu
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Arthur Hill
About the author: , CMT, is a Senior Technical Analyst at StockCharts.com. Focusing predominantly on US equities and ETFs, his systematic approach of identifying trend, finding signals within the trend, and setting key price levels has made him an esteemed market technician. Arthur has written articles for numerous financial publications including Barrons and Stocks & Commodities Magazine. Learn More
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