Traders are watching this Rectangle on ULTA. Inspect the chart now.
Sideways movement between parallel supports.
Bearish continuation pattern.
Gradual reversal from bearish to bullish.
Bearish continuation if preceding move was down.
A clear signal has emerged for Ulta Beauty (ULTA) on the daily chart. Price has moved to $533.09 (1.2%) amidst recent volatility. Price action has carved out a classic Bearish Flag. The trend indicator is reading 18.7/100, suggesting moderate momentum. A potential breakout level is identified at $499.32, targeting $283.67 with support near $547.49 (R:R 4.48).
What is your outlook on ULTA?