As much as I want to be bullish on CHWY, I think it requires more and time price. Resistance is obviously at 31.95 and another upside level at 32.89 / 34.30. Downside remains the near support level at 31.34 and lower levels of 30.72, 30, and 29.20.
I'd be looking to see if the stock can begin to build on a base with large volume and continued higher closes from the prior close.
We will see how this plays out with the stock. Good thing for the company is they have outstanding service (as a customer) and pets will always require purchasing demands. But, like other retailers, CHWY has the hurdles of overhead, shipping, inventory, and much more.
I'll be watching to see how the price action revolves around the levels mentioned above. Just like healthcare; people will need to continue to feed their pets and acquire goods and services for them. So, how will economic conditions impact the purchasing power when it comes to 'finding the best deal'?
I'd be looking to see if the stock can begin to build on a base with large volume and continued higher closes from the prior close.
We will see how this plays out with the stock. Good thing for the company is they have outstanding service (as a customer) and pets will always require purchasing demands. But, like other retailers, CHWY has the hurdles of overhead, shipping, inventory, and much more.
I'll be watching to see how the price action revolves around the levels mentioned above. Just like healthcare; people will need to continue to feed their pets and acquire goods and services for them. So, how will economic conditions impact the purchasing power when it comes to 'finding the best deal'?
