We recently dropped below an important level of support;
volume increasing drastically, no support for a while.
Seems like a no-brainer play, but then again the market is unpredictable.
First target is 70.30
Currently in CHWY 72.5 put 5/14 @ 1.49
CHWY is forming a descending triangle pattern on daily chart, which gives us some short term plays that we can possibly profit from.
Currently sitting on some support, looking to clear the volume shelf and enter @ 77.75.
The plan is to ride through the breakout area up to ~ 78.77 before hitting the resistance coming from the downtrend line.
This is looking to...
$CHWY | #Analysis | #StockMarket
Price Target 104.21 🎯
Symmetrical Triangle ✅
Bullish Engulfing Outside Bar with Volume ✅
Trend Reversal and Break of Clouds over 85 ✅
Break over 0.5 Fib (82.88)
Entry on Break of 87 with Confirmation ✅
Invalidated below 79.50 ❌
This is a play I actually entered into about a week ago pre-earnings. Price jumped after having their first profitable quarter and their financials look great. Prices pulled back as expected because the market is f'd up like that and these past few days have presented a second-round buying opportunity. It went from overpriced at $120 with a fair value of $80-$90...
I don't care what your fundamentals take is on this company, but this chart looks ugly, and we've failed our 90 day channel and also failed on backtests. Short with confidence. Let the computer do the work for you.
Great setup forming for a trade on CHEWY. Its currently trading in a bearish rectangular pattern and could have a breakout soon.
Stoploss should be above resistance if going short or below support if taking a long position.
Hope this chart pattern helped!
$CHWY retraced to golden pocket after last movement upward, retested S/D area twice rejecting it making me think that the uptrend is not over. Weekly chart looks even better. I like entry here for a swing and I will average down if we go lower. Daily close below 72 invalidates the idea. For options, buy at least two month expiration.
Chewy is related to 2 of my major focus in 2021:
1. Pet stocks
and here we got this inside week, if it's able to break to the upside,
I'm willing to establish some long positions.
Let's see how it goes!
$CHWY Target 106.53 for 22.94%
Or double down at 66.77
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will...
$CHWY D Time Frame update.... Completed 5 impulse waves up and came a few cents off my wave 5 target from previous analysis... Now with market volatility and uncertainty where do we go now? Stimulus is being passed to the house to finalize the package, If we do get the stimulus keep eyes on retail as consumer spendings should increase, which means .... more pet...
Chwy has had quite a run up but now weakness is coming.
1) Weaker MACD signal on the run up
2) Bearish Wedge consolidaiton
3) Lower volume (confirming of a rising wedge)
Will face some headwinds amidst expected forward rising inflation which will reduce margins and push the profitability potential around in the future. Good time to exit long and start considering short.
CHWY continues to find support at the 10 and 20-day EMAs. The breakout on 01/13 failed to get going and likely shook out a lot of longs. Today looks like it may be trying to extend out from this consolidation. Really easy spot to put on a position and manage risk with the stop around $98. It's possible that this one moves slowly at first as it grinds through...
CHWY holding that support line nicely and bounced off 50 day EMA. Watching for a breakout of the downtrend for a clear reversal to retest ATH. Break of the support line this could be a nice short down to 94 under that I can see an overall move down to 87.
High Risk High Reward play
Playing options have a tight stop loss on this as its very overextended...
Ticker $CHWY is forming a bull flag and is looking like it’s ready to breakout. Could be a huge breakout and also might see attempts to reach ATHs again. Riding the 20 and 50 SMA well with volume starting to pick up nice. RSI looks great however MACD could see a slightly lower number before it makes a bullish crossover.