ULTA has Overextended Strength SHORT

AwesomeAvani Updated   
NASDAQ:ULTA   Ulta Beauty, Inc.
ULTA a women's beauty focused company has benefitted from the end of the Covid Era,

Earnings reports have been rock solid for sure.

I think ULTA is overdue for a correction.

On the 4H Chart, supply and demand zones are per the LuxAlgo indicator. Price touched

and retested demand several times last summer and early fall. It is now touching and testing

the supply zone above the POC line of the long term volume profile. It is in the overvalued

region of the long term anchored VWAP bands.

The Wycoff buying /selling oscillator is still positive but with a decreasing amplitude.

I see ULTA as setting up for a short sell entry. The entry could be now but a better

entry would wait for price to get under the POC line at 528 and the volume oscillator

turn to negative with the histogram below the zero line showing bearish volume momentum.

My preferred position is a put option at a strike of HKEX:530 expiring on 5/19/23.
Trade active:
Call options up 50% in the first day of the trade. I will add another 5 contracts
and shorten the DTE to 5/12 to look for more alpha.

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