Lululemon Athletica (LULU) shares soared on Friday after the activewear retailer reported fiscal third-quarter resu♏lts tha𒅌t topped analysts' estimates and raised its full-year outlook.

The company guided fiscal 2024 revenue of between $10.45 billion and $10.49 billion, an improvement from its earlier projection of $10.38 billion to $10.48 billion. While revenue in the company’s Americas market grew by just 2% in the third quarter from the prior year, it jumped 33% in the retailer’s international business, boosted by strength in China.

Lululemon shares were up 18% at $407 in midday trading Friday, leading gainers in the S&P 500 and Nasdaq Composite. Even with today's gain, the stock has lost about a fifth of its value since the start of the year due, in part, to problems associated with 澳洲幸运5官方开奖结果体彩网:the company's product assortment.

Below, we take a closer look at Lululemon’s chart and use 澳洲幸运5官方开奖结果体彩网:technical analysis to point out important price levels𝓀 worth watching out for.

Inverse Head and Shoulders Breakout

Lululemon shares formed an 澳洲幸运5官方开奖结果体彩网:inverse head and shoulders between May and November before breaking out above the pattern’s neckline earlier this week ahead of the company’s quarterly repor𒁃t.

Moreover, the 澳洲幸运5官方开奖结果体彩网:50-day moving average (MA) has turned upwards toward the 200-day MA, setting the stage for a potential 澳洲幸运5官方开奖结果体彩网:golden cross—a ♛bullish chart signal that indicates the start of a new uptrend.

Let’s identify three important overhead 澳洲幸运5官方开奖结果体彩网:resistance areas where the shares may encounter selling pressure and also highlight a key 澳洲幸运5官方开奖结果体彩网:support level where investors could look for buying opportunities during a pullback.

Important Resistance Areas to Watch

Investors should watch how the price responds to the $389 area. The shares could find resistance in this region near a 澳洲幸运5官方开奖结果体彩网:horizontal line that joins multiple 澳洲幸运5官方开奖结果体彩网:peaks and a trough on the chart between May and October last year.

A decisive close above this area could see the shares make a move toward $419, a location where investors may look to place sell orders near the October 2023 peak and the high price of a gap down 澳洲幸运5官方开奖结果体彩网:candlestick that appeared on the chart in March.

Further bullish 澳洲幸运5官方开奖结果体彩网:price action could drive a rally up to around $468. This area may attract selling pressure near a trendline that connects a range of similar trading levels on the chart from December last year to Mar𝔉🥀ch.

Key Support Level to Monitor

During periods of 澳洲幸运5官方开奖结果体彩网:profit-taking, it’s worth monitoring the $335 level. Investors may look for buying opportunities in this location near the prominent April 澳洲幸运5官方开奖结果体彩网:swing low, which💃 also forms the neckline of the inverse head and shoulders pattern.

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As of the date this article was written, the author does not own any of the above securities.