LULU re-test and dip below $300 likely on the way very soon...
USING HEIKIN-ASHI CANDLES on the DAILY CHART
- Heavy selloff after earnings on December 8, 2022 - changing short-term technical sentiment from bullish to bearish, and long-term technical sentiment from bullish to neutral.
- Broke below key trendline on December 14, 2022 with bearish signal courtesy of Lux Algo.
- Dipped and closed below Trend Regularity Adaptive Moving Average Line [TRAMA] - a.k.a. the yellow line in the chart screenshot - with force on December 19, 2022 - changing short-term technical sentiment from bearish to very bearish, and long-term technical sentiment from neutral to bearish.
- Relative Strength Index [RSI] close to convergence at 40%, which could act as additional resistance.
- Double Top rejection below the Trend Regularity Adaptive Moving Average Line [TRAMA], which provided a strong confirmation for short trade entry and stop loss (above TRAMA line at $321).
Exit target for profit-taking:
- $300 (whole number general buyer reaction anticipated)
- $277.5 (current swing low)
- Heavy selloff after earnings on December 8, 2022 - changing short-term technical sentiment from bullish to bearish, and long-term technical sentiment from bullish to neutral.
- Broke below key trendline on December 14, 2022 with bearish signal courtesy of Lux Algo.
- Dipped and closed below Trend Regularity Adaptive Moving Average Line [TRAMA] - a.k.a. the yellow line in the chart screenshot - with force on December 19, 2022 - changing short-term technical sentiment from bearish to very bearish, and long-term technical sentiment from neutral to bearish.
- Relative Strength Index [RSI] close to convergence at 40%, which could act as additional resistance.
- Double Top rejection below the Trend Regularity Adaptive Moving Average Line [TRAMA], which provided a strong confirmation for short trade entry and stop loss (above TRAMA line at $321).
Exit target for profit-taking:
- $300 (whole number general buyer reaction anticipated)
- $277.5 (current swing low)
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