$ULTA looking oversold on the hourly chart, down 2-3% today on light volume. Intra-day reversal is already underway after bottoming just above $242. Appears to be an inverted head and shoulders pattern forming on the daily chart. Monitor for a move back to and eventual break through $260 resistance level. Medium term target $290, assuming overall market conditions remain bullish to neutral.
Might be a good day to pickup some cheap OTM options for next ER, I'm looking at Aug 31 $280 calls going for around $1.00 today with a current delta of 0.09
Note: Observation/opinion, not investment advice.
Might be a good day to pickup some cheap OTM options for next ER, I'm looking at Aug 31 $280 calls going for around $1.00 today with a current delta of 0.09
Note: Observation/opinion, not investment advice.