Jul. 24 at 12:57 PM
$LULU is getting close to one of those moments where the chart has to make a decision.
Whether you're bullish or bearish, this range probably won't last much longer. Price continues to respect the 0.786 Fibonacci support while forming a tight descending wedge, with key support sitting around
$109.
The bigger picture is what keeps me interested. The 200-week moving average sits near
$300, and that's a massive gap from current levels. Michael Burry has also disclosed a position here. That doesn't guarantee anything, but it's worth paying attention when value investors start stepping in.
I'm not chasing breakouts. I'd rather build a position near support and let the market prove me right or wrong.
Ready for the bell? Any surprise news overnight? Risk first.
