Lululemon Finds Resistance Again At $67 Level

Joel Elconin is the co-host of Benzinga's #PreMarket Prep, a daily trading idea radio show.

Lululemon Athletica Inc. LULU shares were trading higher by $0.26 at $65.62 in Thursday's session. The catalyst for the rally is the addition of it to Wedbush's ‘Best Ideas List.'

After a higher open ($66.05 vs. Wednesday's close of $65.38), it rallied and found resistance in a familiar area. On June 29, it peaked at $66.71 and another rally on August 18 was halted at $66.98. In today's session, it found resistance inbetween those two levels at $66.88 and reversed course.

So far, the decline has found intra-day support at $65.62 and is attempting to rebound into the $66 handle. If the decline continues through the intra-day low, there may be some additional support at Wednesday's close ($65.36).