Chewy, Inc.Long
CHWY: Climactic Sell Off Completed
Updated
Looks like CHWY had a climactic buyer and may be entering a reversal or range bound environment
- An Automatic Rally happened and the current weakness looks more to a lack of liquidity - which should get bid at the selling climax
- Stock is starting to look good fundamentally as well
- MACD momentum shift
- Good place to test out some small long positions with loose stops
- An Automatic Rally happened and the current weakness looks more to a lack of liquidity - which should get bid at the selling climax
- Stock is starting to look good fundamentally as well
- MACD momentum shift
- Good place to test out some small long positions with loose stops
Note
Another good bar yesterday, creating a higher low on expanding volume, stronger hands picking up more shares. I think this stock will be range bound (out performing the market) or move up higher as longer term value buyers will start coming in at this price range. If channel bound - bottom of the channel will be ~41/42.
Note
There is some large aggressive buyer chasing CHWY, adding more to the position.Trade closed: stop reached
Good place to close out - 1) stock might be range bound looking for a consolidation
2) might have got this relief bounce on lower forward rates (off mid 30s)
good place to close with small profits and look to reenter later when the market as a whole firms up
Note
return/risk currently not worth it
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