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

By Shiri Gupta

SmarTrend's candlestick scanner has spotted a possible bullish 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 $294.00 and $294.50 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. Traders and investors interested in shares of Ulta Beauty Inc 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 Beauty Inc share prices have moved between a 52-week high of $368.83 and a 52-week low of $222.00 and closed yesterday at 35% above that low price at $299.35 per share. Over the last five market days, the 200-day moving average (MA) has gone down 0.3% while the 50-day MA has advanced 1.4%.

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) defies analysts with a current price ($299.35) 15.1% above its average consensus price target of $254.05. The stock should discover initial support at its 200-day moving average (MA) of $289.75 and subsequent support at its 50-day MA of $263.53.

SmarTrend is tracking the current trend status for Ulta Beauty Inc and will alert subscribers who have ULTA in their portfolio or watchlist when shares have changed trend direction.

Keywords: bullish am inside day candle ulta beauty inc

Ticker(s): ULTA