Long $ULTA CMP $369.84. Trading above 50 EMA. Uptrend continuation. MACD histogram was fading but I guess recent market volatility turned it to negative. Bullish pattern. Expect breakout soon. Possible targets $390 and $420
Ulta Beauty jumped to new highs last month. Now it may be sitting pretty after a gentle pullback.
Notice its runup into earnings after the bell on August 25. The beauty-products company didn’t disappoint because profit, revenue and guidance all surprised to the upside. However, the stock was ahead of itself and quickly got rejected above $410.
Now, three weeks...
Consolidating in a rectangle, Tested support 3x last week and it formed a descending triangle from the bottom.
I am interesting in 2 price pivots: 384.30 and 386
Above those, we might test top or rectangle at 392
ULTA (Ulta Beauty, Inc) is testing resistance around the $355 area that dates back to mid 2019.
* It's undervalued with a PEG of 0.77
* Its earnings per share is expected to grow over the coming year.
* General up trend
* Beta > 1 (following the general market trend)
* Broke above the resistance of $315 that dates back to 2017 and...
A Rising Wedge (Bearish) is forming on ULTA, I can see this drop down to $296. But, it still has lots of room to go up so do NOT ENTER UNTIL CONFIRMATION that it has broken out of the wedge. This kills new traders as technical analysis isnt ALWAYS accurate, I learned it the hard way.
This is not financial advice just my opinion.
Also, please comment what type of...
Nice upside with relatively low risk in $ULTA for a swing trade here. I can see this rallying until August 20th easily, and reaching as high as $426 as best case scenario here.
If price were to move below the white horizontal line this signal becomes invalid.
Best of luck!
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Ulta Beauty, Inc. engages in the retail of beauty products. Its products include makeup, skin care, tools and brushes, fragrance, and bath and body. The company was founded on January 9, 1990 and is headquartered in Bolingbrook, IL.