CHWY Weekly Chart
CHWY has had its ass beat for a long time now. However, things may be turning around soon.
Pictured above is a big-ass wedge formation as well as bearish divergence on both the RSI and the MFI which indicates to me that we could be looking at a major reversal to the upside.
Despite the decline in the pet sector, Chewy has faired much better than its competitors (Petco, Petsmart). However, things have gotten tricky after rising prices have forced consumers to cut back on spending. People can’t afford to spend too much on their pets beyond what is necessary and it shows in the beating that CHWY stock has gotten in the past year.
Even after its massive decline in value, CHWY has remained strong and delivered well on its last earnings report. If their next earnings report is just as good or even better than the last, hopefully we will start to see some upside.
Pictured above is a big-ass wedge formation as well as bearish divergence on both the RSI and the MFI which indicates to me that we could be looking at a major reversal to the upside.
Despite the decline in the pet sector, Chewy has faired much better than its competitors (Petco, Petsmart). However, things have gotten tricky after rising prices have forced consumers to cut back on spending. People can’t afford to spend too much on their pets beyond what is necessary and it shows in the beating that CHWY stock has gotten in the past year.
Even after its massive decline in value, CHWY has remained strong and delivered well on its last earnings report. If their next earnings report is just as good or even better than the last, hopefully we will start to see some upside.
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