August 30 Chart of the Day - Ulta

Precision oriented price action technical analysis by far provides the best edges and most setups for traders and investors across the markets so that's what we use for the basis of our reviews

Ulta Beauty (ULTA) is making headlines today as the company's earnings report fell short on Thursday of second-quarter expectations and trimmed its full-year guidance after a decline in same-store sales during the most recent period.

It was the company’s first earnings per share miss since May 2020 and first revenue miss since December 2020 so we wanted to review their chart from a price action technical analysis perspective.

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Monthly Chart 

On the monthly chart we can see that after setting its $574.76 all time high (ATH) earlier this year price fell dramatically over the next several months all the way down under $325 earlier this month.

Since then, price is attempting to bounce up  and seemingly deciding whether to continue upwards or fall back to the downside.

Weekly Chart

 
On the weekly chart we can see with much more clarity the fall from ATHs, and the recent bounce back up.  The bulls may be attempting to make a series of higher highs and higher lows.

Trading around $359.10 earlier today price may be attempting to establish its next lower low.

Could their most recent earnings be the catalyst that pushes price to its next higher high or will price continue fading?

Only time will tell for sure what price will do next...

We've layered in traditional Fibonacci levels as well as support/resistance and trend to help identify potential price levels of interest and/or future price targets.

Armed with precision oriented charts like these both traders and investors can formulate their respective plans. 

So what's next?