Chart of the day: ULTA and the post breakout trading range

One of my favorite trades is playing the post earnings breakout range that develops within stocks that have had a strong earnings catalyst the previous two weeks to 2 months.

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Ulta is a good example and has formed a $148 to $155 range. Buy the bottom, sell the top. It doesn’t get much easier than that. I will look to enter on a pullback as close to $148 as possible.

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