LULU breaking out of long-term bullish flag pattern.
Stock: Lululemon (LULU)
Long or Short: Long
Entry Range: $72.75-73.25
Stop-Loss: 70.60
Chart: Signet Jewelers Limited (SIG) Daily
Reason for Trade: Call me a sucker perhaps, but I’d say this is third time in the last month that I’ve traded this stock. At this point, I’m 1 for 2 trading the stock profitably, so if I’m successful trading this stock this time, I’ll have a much better track record with this company.
This stock is trading very similar to the pattern we saw in VRX last week that I went long on and profited from. I’m a big fan of these longer-term bullish flag patterns, and also appreciate the increasing volume over the past week of trading.
Favorable reward-to-risk setup with a +2:1.
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