Chewy, Inc.Long
CHWY. Pets are royalty!
For the past month, I have been holding a decent amount of CHWY stock, and have been watching the chart very closely. As time goes by, more and more people buy pets, AND treat their pets like their children. With that being said, this company has a very bright future ahead of it in my opinion. People constantly buying food, toys, bones, and products for their pets, and there's no better place to do so then on their website! Given the fact that they are indeed a website, this is very good for their annual revenue, as they do not need to worry about the average costs it takes to run an in-person store. This is also key in the fact that since Corona Virus has started, more and more people do their shopping ONLINE, driving in a ton of more customers to their platform. As for Earnings, they have beat them for the past SIX reports, beating them by more and more each time. Fundamentals=Beautiful. As for the Technical side of things, looking at the daily chart, it seems to be in an Inverse Heads & Shoulders formation, which more times than none, tends to be bullish. For the past week, it has been fighting light resistance at around the $90 area. The key word there, is LIGHT, as I believe if we do in fact get a breakout, that will push us through the final resistance of $92, sending it back into the $100's. As for my entry, I had originally bought in at $81, and have averaged my way down to where my price average is now, which is $77.50. I truly believe in the GROWTH, as well as the sustainability of this company, and plan on holding over the next few years.
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