Short-Term Reversal for ULTA
ULTA is showing strong bearish signs after a rally.
Taking a look a the weekly chart (below) we see signs that rally is coming to an end with consolidation of prices and a bearish reversal candle. Further more Volume is declining and MACD histogram is ticking down.
Weekly chart:
Moving down to the Daily chart (below) there are multiple bearish candles on resistance coupled with declining MACD lines and histogram together with high volume for the last bearish candle.
Daily Chart:
Stop loss is placed slightly above resistance line and Take Profit is set to 50% Fibonacci retracement as well as support line. Risk/Reward ratio is about 1/3.
Taking a look a the weekly chart (below) we see signs that rally is coming to an end with consolidation of prices and a bearish reversal candle. Further more Volume is declining and MACD histogram is ticking down.
Weekly chart:
Moving down to the Daily chart (below) there are multiple bearish candles on resistance coupled with declining MACD lines and histogram together with high volume for the last bearish candle.
Daily Chart:
Stop loss is placed slightly above resistance line and Take Profit is set to 50% Fibonacci retracement as well as support line. Risk/Reward ratio is about 1/3.
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