Ulta Beauty shakes off negative pressure - Analysis - 31-05-2022

Ultra Beauty's stock (ULTA) spiked amid positive signals from the RSI after reaching oversold levels, with a surge in trading volumes, as the stock managed to shake off negative pressure from the 50-day SMA, amid the dominance of the main upward trend in the medium term, marking a profit of 12.47%, or 47.12 points, and settling at 425.08, with trading volumes surpassing 2.7 million shares, above 10-day averages of 1.2 million shares. 

The stock marked the biggest profit on the S&P 500 after reporting stellar first quarter results and raising forecasts for the whole year. 

Therefore we expect more gains for the stock, targeting the pivotal resistance of 438.63, provided the support of 382.40 holds on.

Expected trend for today: Bullish