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Possible Bearish Inside Day Candle Pattern Detected for Ulta Beauty Inc (NASDAQ:ULTA)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bearish inside day candle pattern in Ulta Beauty Inc (NASDAQ:ULTA) based on the price action in the company's shares. Yesterday's price range of $255.01 and $257.19 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Owners of Ulta Beauty Inc may want to consider a possible hedge in the event a pullback occurs. Look for confirmation in the next few trading days.

In the past 52 weeks, Ulta Beauty Inc share prices have been bracketed by a low of $187.96 and a high of $314.86 and closed yesterday at $255.59, 36% above that low price. In the last five trading sessions, the 50-day moving average (MA) has climbed 2.4% while the 200-day MA has remained constant.

Ulta Beauty, Inc. operates a chain of beauty stores. The Company offers cosmetics, fragrance, skin and hair care products, and salon services. Ulta Beauty serves customers throughout the United States.

Ulta Beauty Inc (NASDAQ:ULTA) is currently priced 0.6% above its average consensus analyst price target of $254.05. Ulta Beauty Inc shares have support at the 50-day moving average (MA) of $227.38 and additional support at the 200-day MA of $221.16.

SmarTrend recommended that subscribers consider buying shares of Ulta Beauty Inc on March 16th, 2018 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $215.52. Since that recommendation, shares of Ulta Beauty Inc have risen 18.6%. We continue to monitor ULTA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish am inside day candle ulta beauty inc

Ticker(s): ULTA