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Possible Bullish Inside Day Candle Pattern Detected for Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA)

By Amy Schwartz

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA) based on the price action in the company's shares. Today's price range of $203.00 and $205.46 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. Traders and investors interested in shares of Ulta Salon Cosmetics & Fragrance may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Ulta Salon Cosmetics & Fragrance (NASDAQ:ULTA) is currently priced 10.6% above its average consensus analyst price target of $182.40. Ulta Salon Cosmetics & Fragrance shares have support at the 50-day moving average (MA) of $191.98 and additional support at the 200-day MA of $175.20.

In the past 52 weeks, Ulta Salon Cosmetics & Fragrance share prices have been bracketed by a low of $120.38 and a high of $212.92 and are now at $203.94, 69% above that low price. Over the last five market days, the 200-day moving average (MA) has gone up 0.5% while the 50-day MA has advanced 2.2%.

Ulta Salon, Cosmetics & Fragrance, Inc. sells cosmetics, fragrances, skin and hair care products, appliances, and accessories. The Company also offers hair salon services, manicures, pedicures, massages, and other beauty & spa treatments.

SmarTrend recommended that subscribers consider buying shares of Ulta Salon Cosmetics & Fragrance on March 2nd, 2016 as our proprietary SmarTrend analytics indicated a new Uptrend was in progress when shares hit $167.29. Since that recommendation, shares of Ulta Salon Cosmetics & Fragrance have risen 21.3%. We continue to monitor ULTA for any potential shift so investors can protect gains and will alert SmarTrend subscribers immediately.

Keywords: bullish inside day candle ulta salon cosmetics & fragrance

Ticker(s): ULTA