Shares of LB are moving nicely higher as the new week begins. At mid day the stock is up over 3.5% as it begins to take out heavy resistance near $19.95. This powerful move extends last Thursday’s trendline break as it heads for its best close since Aug. 21(pre earnings).
Highlights: LB is lifting off what is now shaping up as a major double bottom(Sept/Nov lows.)
A divergent low(daily MACD) has been in place since late August.
LB sports a very high SIR(12.4)=considerable upside fuel.
Layers of support are now in place. ($19.70-$19.30=September/December highs).
On the downside a close below $18.00 would violate last week’s low sending a clear warning sign.