$WOOF Rising wedge
Updated
From a trend point of view, Petco is ready to make higher highs, completing a rising wedge at this rate. The general trend is still bullish until it breaks from the wedge. If it completes a 1.168 move higher, then I would expect a retrace from there. If the wedge is completed sooner, it should be via a strong catalyst, earnings being the closest one. Under IPO VWAP I expect this supply to continue on completion for a move lower.
Note
WOOF got really volatile towards the end of the trend of the rising wedge but respected the trendlines and now finds itself trading choppy at 24 support. Thursday turned out to be very volatile with huge trading volume coming in. RSI and MACD indicating neutral to bearish swing in the coming days, so we might see come consolidations going forward.
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