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Lululemon (LULU) in a Bullish Breakout

I was bearish on LULU in May when price broke below a rising trendline. However, the bearish breakout was brief, and price rebounded sharply in June. By July, LULU came up to a critical cluster of resistance factors. As we start the latter third of the month, LULU has broken above this critical resistance cluster.

LULU Daily chart

(click to enlarge)

Breakout:
- The previous resistance pivot around 59.30 is broken.
- A falling trendline is broken.
- Price is now above both the 200- and 100-day simple moving averages (SMA)
- Furthermore, price just tested the trendline, resistance pivot and the 200-day SMA and bounced off of them like support.
Upside:
- LULU has been in a sideways consolidation mode since 2012. 
- Without a strong bullish bias, we might want to limit the bullish outlook.
- I think we should anticipate resistance if price gets to the 68-70 area, which is an area that has seen much resistance since 2015.
- At this point, a break below 57.50 might put a hold to this bullish outlook.

LULU Weekly Chart

(click to enlarge)