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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. Today's price range of $255.30 and $257.19 is within yesterday'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.

Ulta Beauty Inc (NASDAQ:ULTA) is currently priced 0.7% above its average consensus analyst price target of $254.05. The stock should discover initial support at its 50-day moving average (MA) of $191.98 and subsequent support at its 200-day MA of $175.20.

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.

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 are now at $255.88, 36% above that low price. Over the past week, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.2%.

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 19.5%. We continue to monitor ULTA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bearish inside day candle ulta beauty inc

Ticker(s): ULTA