Shares of Lululemon (LULU) has been bearish since October, when price tagged 81.00 and started to retreat. By October, price has cracked the 54 handle, but has since been consolidation between roughly 54 and 59.30. LULU Daily Chart 12/2(click to enlarge)Consolidation Range:- The daily chart shows price ranging between 53.90 and 59.30 for the past 2 months.- Today, we saw LULU drop to 54.00 before finding buyers at this range support.Threatening Range Support:- Will the support hold? I think if price can break below 53, LULU would have cleared a key support/resistance pivot area. - Below 53, there is downside risk towards a the support pivot at 44.60 down to the low on the year around 43.25. Range Resistance Selling:- If we don't believe any reason for LULU to climb back above the current range, we should monitor the 58-58.30 area for resistance. - In other words, if price rallies back to 58-58.30, anticipating selling. - Because the prevailing trend is bearish, I have a stronger preference for anticipating resistance than support. - But if price does push above 58.50 for example, we should anticipate a rally to 62 and 64, maybe capping our expectation at 66 where the 200- and 100-day simple moving averages (SMA) reside. - I would also look at the daily RSI. If if is near 60 and stalling, look for resistance and selling. This would hold true if medium-term mode is indeed till bearish,