Consider it an Ulta-mate rally. Shares of Ulta have roared 7,500 percent in the past 10 years, and one technician expects more gains.
div > div.group > p:first-child"> Shares of Ulta Beauty have roared around 7,500 percent higher in the past 10 years, far better than the 315 percent increase for the S&P 500 off its March 2009 intraday low."The chart has been extremely constructive," Baruch said on CNBC's"Trading Nation" on Wednesday."You've got a trend line going back to 2014. It has tested it four times and it has held.
An ascending triangle pattern typically suggests bullish momentum building toward a breakout. Ulta needs to rally 4 percent to reach $325 in what would mark a new record. Another 30 percent rally would take Ulta up to $422.50. "This presents an opportunity for investors as we head into earnings who want to protect a position, who want to protect this recent rally," Gilbert said on"Trading Nation" on Wednesday."The market is implying around a 7 percent move for the upcoming earnings."
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