Lululemon is set to report earnings after the bell Thursday.
The one-time coronavirus pandemic darling has come under pressure this year with investors fearing a slowdown in demand as consumers switch from sweatsuits to swimsuits. The shares are down 8% in 2021 after a 50% rally in 2020.
Matt Maley, chief market strategist at Miller Tabak, said $343 is a key trading level that could serve as a breakout or breakdown point for Lululemon.
“The stock, even though it’s been in a downward sloping trend actually really since last September, it’s been rallying nicely since early March, and it’s made one nice higher low, higher high sequence. And just recently, it made another higher low,” Maley…