Shares of beauty supplies maker Ulta Beauty ( ULTA) were higher in early morning trading on Friday. Let's check out the charts and indicators to see if we need concealer or something else after posting an earnings beat.
In this daily bar chart of ULTA, below, I can see that prices have been weak since a small double top back in April. ULTA trades below the cresting 50-day moving average line and below the cresting 200-day moving average line.
The On-Balance-Volume (OBV) line has been weak since early May and tells me that traders have been more aggressive sellers of shares than buyers. The Moving Average Convergence Divergence (MACD) oscillator is in a bearish alignment below the zero line. 
In this weekly Japanese candlestick chart of ULTA, below, I see a large top formation. Prices trade below the cresting 40-week moving average line. The OBV line has made its own top pattern. The MACD oscillator is bearish and has been since June. The middle of last week's large red (bearish) candle is likely to act as resistance.
In this daily Point and Figure chart of ULTA, below, I can see that the software is projecting a downside price target in the $389 area.
In this second Point and Figure chart of ULTA, below, I used weekly price data. Here the software suggests a price target in the $249 area.
Bottom line strategy: While the stock was higher in the early going, I suspect this price strength is not going to last all that long and the bigger picture is going to dominate. The bigger picture for ULTA is bearish and traders should avoid the allure of short-term rallies.
