Watch These Ulta Beauty Price Levels as Stock Jumps on Earnings, Outlook | Global News Avenue

ultimate beauty (ULTAShares of the cosmetics retailer were sharply higher in after-hours trading Thursday after the cosmetics retailer beat Wall Street’s profit expectations and raised its outlook.

The company said it currently expects full-year financial results net sales It is expected to be between $11.1 billion and $11.2 billion, slightly higher than the previous forecast of $11.0 billion to $11.2 billion. While at the retailer Earnings Conference CallChief Executive Dave Kimbell said a combination of new branding, digital tools and in-store events helped shore up the company’s performance.

Ulta Beauty shares have fallen 20% this year as of Thursday’s close on concerns about increased competition from rivals and slowing demand for cosmetics and skin care products. The stock rose 12% to $440.65 in after-hours trading.

Next, let’s take a closer look technical On Ulta Beauty’s chart, identify key price levels worth watching.

Ascending Triangle Breakout

Ulta Beauty stock has been in bullish territory since bottoming in early August ascending trianglebut long-term maintenance downtrend.

However, after the company reported upbeat quarterly results, the stock is poised to break above the pattern’s upper trendline, setting the stage for potential upside. reverse.

Let’s analyze Ulta Beauty’s chart to identify key expense areas that investors may be concerned about, and point out one key factor support level This may come into play during retracement.

Key overhead areas to focus on

The first head area worth looking at is around $435. While the stock is expected to open above that price on Friday, investors should watch if bull This level can be held and the position may find selling pressure near the May 2023 open gap Early August 2023 swing low.

Buying above this level could lead to a rally towards the $465 area. Investors who purchased the stock at a lower price may look to Lock in profits Close to trend line connecting August 2023 Contrary to the trend peak season and january groove.

Further gains could push the bulls to around $497. This area is about 27% higher than Thursday’s closing price and may encounter resist from a horizontal line The chart links a series of similar trading levels between May 2023 and February this year.

Critical support levels to monitor

During the pullback, investors should keep a close eye on the $412 level. This area is currently above the area of ​​close concern 200-day moving averagemay attract buying interest near the upper trendline of the ascending triangle, which may transform from a previous resistance area into a future support area.

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As of the date of this writing, the author did not own any of the securities mentioned.