Bearish candles on Weekly and Daily charts
ULTA is in an obvious up trend on the weekly chart. Sort of sideways on the daily chart with an RSI making lower lows and lower highs.
But if you put a lot of stock in candle formations then you might be willing to risk some money to the downside. Bearish formation in Friday's candle on the daily (engulfing candle) within a one on the weekly (upside down hang man).
No position for me but next week I will be watching the price action. There might be a post earnings (last Thursday) move on the horizon this week. Exhaustion could get a pullback below the trendline if there is a reversal move off these recent highs.
But if you put a lot of stock in candle formations then you might be willing to risk some money to the downside. Bearish formation in Friday's candle on the daily (engulfing candle) within a one on the weekly (upside down hang man).
No position for me but next week I will be watching the price action. There might be a post earnings (last Thursday) move on the horizon this week. Exhaustion could get a pullback below the trendline if there is a reversal move off these recent highs.
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