Ulta Beauty (ULTA) Just Reclaimed the 50-Day Moving Average
Ulta Beauty (ULTA) reached a significant support level, and could be a good pick for investors from a technical perspective. Recently, ULTA broke through the 50-day moving average, which suggests a short-term bullish trend.
One of the three major moving averages, the 50-day simple moving average is commonly used by traders and analysts to determine support or resistance levels for different types of securities. However, the 50-day is considered to be more important since it's the first marker of an up or down trend.
Over the past four weeks, ULTA has gained 5.4%. The company is currently ranked a Zacks Rank #3 (Hold), another strong indication the stock could move even higher.
Looking at ULTA's earnings estimate revisions, investors will be even more convinced of the bullish uptrend. There have been 1 higher compared to none lower for the current fiscal year, and the consensus estimate has moved up as well.
With a winning combination of earnings estimate revisions and hitting a key technical level, investors should keep their eye on ULTA for more gains in the near future.
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