ULTA pushes through Monday's high
Ulta Beauty Inc. (ULTA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ULTA finished the month -16.63% lower at 203.42 after gaining $4.79 (2.41%) today, slightly outperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 200.33, the market confirmed its breakout through the previous session high after trading up to $3.82 above it intraday.
Daily Candlestick Chart (ULTA as at Jun 30, 2020):
Tuesday's trading range has been $8.00 (4.03%), that's slightly below the last trading month's daily average range of $9.63. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ULTA.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 204.33 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Ulta Beauty. Out of 556 times, ULTA closed higher 51.80% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.73% with an average market move of 1.18%.