ULTA gapped down after lowering guidance in their recent earnings call. The current price completes the proportional gap down and brings it to the 0.382 of the uptrend from the covid low, as well as an area with strong volume support. I'm looking for an entry at $393, TP at $460, and SL at $358.Note that May 2022 was the last time that earnings guidance shifted sentiment and trend, and that a fib time zone from that period closely aligns with peaks and troughs. I'll look to draw the same once we have established forward sentiment from the current earnings guidance.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.