CHWY has been hovering around it's trendline since 5 March. It gapped up strongly after earnings on 31 March but soon gave back all the gains and trading sidways for the past week after gap close. Meanwhile, RSI has been slowly trending up towards 50. We are likely to see sustainable upside once RSI is able to cross above 50.
Long with initial stop loss @ 77.80 (about $1 below the trendline). May look to scale out partially between 95-98 shoud trade goes out way and ride the rest up with trailing stops.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)
Long with initial stop loss @ 77.80 (about $1 below the trendline). May look to scale out partially between 95-98 shoud trade goes out way and ride the rest up with trailing stops.
Disclaimer: This is just my own analysis and opinion for discussion and is not a trade advice. Kindly do your own due diligence and trade according to your own risk tolerance. Thank you. Feel free to give me your thoughts ! :)