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Monday, September 12, 2011

ULTA

ULTA reported on Friday, rallied right into resistance, and broke through it today. The price relative broke out one day ahead of price, not really that impressive but not bad either. The base here is way too deep for an O'Neil type trader, and with the volatity we are seeing in the market, this has a low probability of moving much higher, at least for now. However, this has re-established itself as a market leader.

1 comment:

Y.Y.B.C said...

Hi,

I definitely agree with you that this base is very deep. However, oneil does mention a pattern called base reset which is when the bottom of the current base is lower than previous base. I see it happening in ULTA and am curious to why you think.

Thanks!

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