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Below $281 is just right but should be a lot lower IMO. Sell until just before earnings then reevaluate
Possible pullback to down to $260
Zacks Rank: 3-Hold 3 Style Scores: D Value | B Growth | D Momentum | C VGM Industry Rank: Top 45%(114 out of 255) Industry: Retail - Miscellaneous
NOT a pure divergence , Momentum Trade slightly higher risk
$ULTA looking oversold on the hourly chart, down 2-3% today on light volume. Intra-day reversal is already underway after bottoming just above $242. Appears to be an inverted head and shoulders pattern forming on the daily chart. Monitor for a move back to and eventual break through $260 resistance level. Medium term target $290, assuming overall market conditions ...
From the chart, I am seeing cupnhandle. I think it's a good set up for long. I think earning may come better than expected. Please do your DD, I am just learning about charts.
Cannot break 261, was hoping it would break out today after the strong Friday close, will see what happens tomorrow but keeps looking more and more like it's heading to about $220. Still looking long term bullish for ULTA but looks like a good time to take some profits.
ULTA is showing strong bearish signs after a rally.
Taking a look a the weekly chart (below) we see signs that rally is coming to an end with consolidation of prices and a bearish reversal candle. Further more Volume is declining and MACD histogram is ticking down.
Moving down to the Daily chart (below) ...
Still looks like we should continue in this rising wedge to at least 275-290 before a more significant pull back. Will have good confirmation if we break $258 tomorrow. $244-$258 will be a great support zone in the future.
randomness reduction but no elimination
ULTA bounced back from its support level & seems breaking out of a downward channel formation. It had quite some insider buying. We think it will continue upward from here.
* Trade Criteria *
Date First Found- March 8, 2018
Pattern/Why- Downward channel breakout
Entry Target Criteria- Current price ($207.47) (Hit March 9, 2018)
Exit Target Criteria- $230 ...
ULTA is a strong company with average revenue growth rate of 22% per year for the last 5 years with the last 12 months right on target.
After dropping 40% in price ULTA is looks to be mirroring its 2013-2014 drop which also was a 40% drop. The quickest moving average has also crossed over.
Seems reasonable to see $400 price right on our trend line and 1.618 fib ...
Looking for a breakout here, PT will get it to previous high and potential C&H 100+ deep but that's a story for another trade.
Watch for confirmation. Sell both hands under 205 or buy puts. Review before ER