ULTA Beauty Ready for a Pullback 0.5 leve
ULTA is sitting below a double top and looking at the Fib levels retraceing the uptrend finishing out December.
The RSI shows relative weakness while the MACD shows the trend after a crossover of the lines at
each of the two tops.
I believe this stock is ready for a short position with a stop loss just above the double top.
The first target would be the Fib 0.5 level from the retrace of the uptrend.
The second target would be the red line showing the top of the recent high volume area of the volume profile.
Conversely, I may wait and watch for a bounce off one of the two central
Fib levels or that red line and and take a long trade targeting the double top.
( Trade well , trade often)
The RSI shows relative weakness while the MACD shows the trend after a crossover of the lines at
each of the two tops.
I believe this stock is ready for a short position with a stop loss just above the double top.
The first target would be the Fib 0.5 level from the retrace of the uptrend.
The second target would be the red line showing the top of the recent high volume area of the volume profile.
Conversely, I may wait and watch for a bounce off one of the two central
Fib levels or that red line and and take a long trade targeting the double top.
( Trade well , trade often)
Trade active:
Another top at the resistance setting up the short position.