JICPT

JICPT| Chewy bounced back from range bottom!

Long
NYSE:CHWY   Chewy, Inc
Hello everyone. It's been a while since I published idea of Chewy . The disappointed Q2 earning and Q3 forecast undermined the bullish momentum. It didn't hit the $120 original target, instead it broke $77, the key 61.8% fib retracement with a quick retest and fell all the way down to the previous low of $64.

On the weekly chart, it's around the range bottom which is supposed to be a reversal level if buyers continue to jump in.

On the daily chart , we can clearly see that the red downtrend line has been respected for quite a while. The recent bullish formation is a good start, however the bullish trend has not yet been established. I'm expecting a double try in the next 3-5 days. By then, it could be a good place to load.

By the way, Chewy has dropped by more than 30% since the Q2 earning report? Do you think the valuation become attractive?

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Comment: The range bottom has been violated. The downtrend line has been well respected. Buyers need to be patient for more solid signals. I will keep my eyes on it.

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