Shares of Lulelemon popped up last week after the Q1 earnings report, which beat estimates. Here's a report from Investopedia.comFor the quarter Lululemon reported revenue increased 5% to $520.3 million, while total comparable sales decreased by 1%. Comparable store sales declined by 2%, while direct to consumer net revenue was flat. The company also reported adjusted gross margin increased by 210 basis points to 50.4%; adjusted diluted EPS came in at $0.32. Analysts had been looking for $0.27 on revenue of $514 million. (For more, see also: Lululemon Sinks on 'Slow Start' to 2017.) For the second quarter, the company is looking for revenue at the mid-point of $567.5 million and adjusted diluted EPS of $0.34 at the mid-point. The company is also looking for year-end January 28, 2018, adjusted EPS of $2.33 at the mid-point. Analysts are expecting revenue of $567.53 million and EPS of $0.35. For the year-end analysts are looking for $2.33, essentially in line with the company guidance. On an adjusted basis, Lululemon reported adjusted net income before taxes of $64.08 million, an increase from $58.3 million last year. Adjusted net income also rose 8.2% to $44.312 million for the quarter. (For more, see also: Lululemon's New Vice Deal Targets Millennials.) Read more: Lululemon's Q1 Beat: Why It's Still No Turnaround (LULU) | Investopedia http://www.investopedia.com/news/lululemons-q1-beat-why-its-still-no-turnaround-lulu/#ixzz4jB5tppcd Follow us: Investopedia on FacebookI agree with Investopedia.com in that it is too early to call a turnaround. In our previous look at LULU, we suggested waiting for price to reach a support 37.00 before considering a bullish attempt. I would still wait for the pullback, or at least wait for a break above 60.00 to open up a bullish outlook.LULU Weekly Chart(click to enlarge)More Downside:- The weekly chart shows that despite last week's strong push at the end, the overall market is still sideways in the long-term, and bearish in the medium-term.- Note that there is a cluster of resistance factors around 60. This is why I believe a break above 60 will be needed to open up a bullish outlook.- Otherwise, price action since the second half of 2016 remains bearish, with downside risk towards 36.50-37, which is the range support and low in 2014. LULU Daily Chart(click to enlarge)Resistance:- The daily chart shows the resistance factors around 60 as well. - There is a falling trendline, and is in the middle of the 200- and 100-day simple moving averages. - It is also a previous support/resistance pivot. - Until a break above 60, we should anticipate further downside, with 37 as the maximum bearish outlook in 2017,