Ulta Beauty (ULTA) stock rose during its latest intraday trading, amid the dominance of a short-term bullish corrective wave, with the stock moving along a trend line that supports this trajectory. The stock is also benefiting from positive support provided by trading above its 50-day simple moving average, strengthening the chances of extending those gains in the near term, especially after successfully working off its overbought conditions on the Relative Strength Index (RSI).
Therefore, our expectations point to further gains in the stock price during the upcoming trading sessions, as long as the $527.00 support level holds, targeting the key resistance level at $566.75 in preparation for a potential breakout attempt.
Today’s price forecast: Bullish
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