WOOF will close the gapLooking at the chart for Petco Health and Wellness (WOOF), here's my analysis:
Current Price Action:
- Trading at $8.38, down 3.79%
- In an Elliott Wave pattern with wave (IV) completed
- Setting up for potential wave (V) move higher
Technical Analysis:
1. Elliott Wave Structure:
- Completed waves (I) through (IV)
- Wave (IV) formed complex correction pattern
- Wave (V) target around $7.28 (0.786 Fibonacci level)
2. Key Price Levels:
- Resistance at $6.50 (horizontal red line)
- Support around $3.63 (previous low)
- Critical level at $6.01 (0.5 Fibonacci)
Volume Analysis:
- October 2024: $20.72M (-70.13%)
- July 2024: $69.57M (+924.46%)
- Recent volume showing accumulation pattern
Notable Events:
- April 2024: $-8.414M (-117.89%)
- October 2024: $-16.673M (+32.83%)
- Long-term downtrend showing signs of reversal
Trading Considerations:
- Currently in accumulation phase
- Stop loss could be placed below $3.90
- Initial target at $6.50 resistance
- Risk/reward favorable at current levels
WOOF trade ideas
WOOF Ridiculous 9/20 Put $3.50MODs have suggested that I provide more detail about the picks I make.
Sorry. I'm not as verbose as y'all, and I don't like things to be complicated.
My trading plan is very simple.
I buy or sell at top & bottom of parallel channels.
I confirm when price hits Fibonacci levels.
Bonus if a TTM Squeeze in in play.
I hold until target is reached or end of year, when I can book a loss.
So...
Here's why I'm picking this symbol to do the thing.
Price above all channels (period 100 52 39 & 26)
Stochastic Momentum Index (SMI) at overbought level
TTM Squeeze momentum spiked
VBSM is spiked positive
Impulse MACD is flat
In at $4.18
Target is $3.50 by 9/20
Petco Health and Wellness Company, Inc.On the above 4 day chart price action has corrected over 90% since 2021 without the aid of share splits. A number of reasons now exist to consider a bullish outlook.
1) Price action and RSI resistance breakouts.
2) Money flow index trend reversal (not shown here)
3) Short Interest 24.47%
Who remains short after a 90% correction?
Gamestop had a similar short interest of 28% back in the day of early 2021 before it got squeezed.
4) No share splits since the downtrend. True.
5) The bull flag breakout forecasts a 160% move to $9
Is it possible price action continues downtrend? Sure.
Is it probable? No.
Ww
Type: trade
Risk: <= 6%
Timeframe for long: This month
Return: 150%
WOOF - Pet Health & Wellness Company - High Risk - High RewardPetco Health and Wellness Co Inc is a pet health and wellness company focused on improving the lives of pets, pet parents, and its partners with approximately 1,423 pet care centers offering pet care products such as puppy food, treats, nutrition, and supplies through retail outlets and online platforms. The company generates revenue from the sale of products and services such as dog and cat food, supplies, and companion animals, among others.
Investment Snapshot (As of June 20, 2024)
Shares in Circulation: 87.184M
Short Float: 19.35%
Recent Activity
Blockbuys
Insider Trade
Key Technical Levels
Critical Range: $4.00 to $4.50 needs to be broken for continuation.
Possible Pullback: Slight pullback to the $3.00 area is possible before moving higher.
Resistance Levels
First Resistance: $5.00
Gap Zone: $5.50 to $6.30
Industry Overview
The pet industry is experiencing significant growth, driven by increased pet ownership and higher spending on pet products and services. This sector's expansion is supported by trends such as premium pet food, advanced veterinary services, pet insurance, and pet technology. The market's potential makes investments in this industry particularly attractive.
Trading Strategy
Take Profit (TP): Target $7.80
Stop Loss (SL): Set at under $2.50 to mitigate potential losses.
Chart Analysis
Technical Indicators: Refer to the attached chart for detailed analysis of price trends and movements.
Trading Advisory
Exercise caution and consider market conditions and your own risk tolerance when trading. It's advisable to conduct comprehensive research or consult with a financial advisor before engaging in trading activities.
Disclaimer
This content is for informational purposes only and should not be considered financial advice.
WOOF Petco Health and Wellness Company Options Ahead of EarningsIf you haven`t sold WOOF before the previous earnings:
Then analyzing the options chain and the chart patterns of WOOF Petco Health and Wellness Company prior to the earnings report this week,
I would consider purchasing the 3usd strike price Puts with
an expiration date of 2024-4-19,
for a premium of approximately $0.57.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
What the Woof is PETCO up to?Seems like earnings are due for the beleagued pet advocate; after a dismal few years of meeting and undeperforming there seems to be a small air of "what's next" happening for PETCO(WOOF). With Chewy(CHWY) in the wing gobbling up e-comm market shares, only time will tell what moves PETCO will make to regain some of that lost interest.
WOOF Petco Health and Wellness Company Options Ahead of EarningsIf you haven`t sold WOOF here, ahead of the previous earnings:
Then analyzing the options chain and the chart patterns of WOOF Petco Health and Wellness Company prior to the earnings report this week,
I would consider purchasing the 7usd strike price Puts with
an expiration date of 2023-9-15,
for a premium of approximately $0.70.
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
WOOF dropped after an earnings beat now setup REVERSALOPRA on the 30-minute chart dropped after an earnings beat as apparently a lot of traders
expected better. The volume profile shows the vast majority of the trading occurred in
the 5.05 to 5.25 range. This heavy accumulation should result in price movement in due
time per Wycoff. I believe that a long trade is setup for a Fibonacci retracement of the
drop into the middle levels and so 5.85 as shown by the indicator on the chart. The mass index
indicator reached the reversal zone and then triggered with a drop below it confirming
a probable reversal. The MACD is showing bullish divergence.
I will place a buy stop order above the POC line of the volume profile with a stop loss at 12.0
just below the POC line is a safe 10-13% trade which may take into the beginning of next
week. I will take call option contracts as well. If you want to know the details of those,
please leave a comment.
WOOF Petco Health and Wellness Company Options Ahead of EarningsAnalyzing the options chain of WOOF Petco Health and Wellness Company prior to the earnings report this week,
I would consider purchasing the 9usd strike price Puts with
an expiration date of 2024-1-19,
for a premium of approximately $1.20
If these options prove to be profitable prior to the earnings release, I would sell at least half of them.
Looking forward to read your opinion about it.
$WOOF Relative Strength coming out of baseI've been long WOOF from previous post, and added to position today as now WOOF is coming out of a rounded base and closing above the 30 week MA (orange line).
Now, so long as WOOF closes above 30 week MA, I'm long and will add.
What I'd like to see is the 10 week MA (blue line) cross and for price action to sustain above to new highs.
22.8 and 25 zone are key resistance points and will be important to see how price reacts at these levels.
Fundamentally EPS have seen continued growth.
Also Frisco Trades comes from my frenchie Frisco, so I'm biased bullish on anything pet related :)
Cheers
$WOOF I'm longI'm long WOOF calls . As a frenchie owner (his name is Frisco hence my trading name), I know the amount of $ people are willing to spend on their pets.
But also technically speaking, WOOF is coming out of a nice rounded bases and breaking out today. With that huge gap above needed to be filled, this looks like a good R/R long trade, aiming for $24.
Don't be surprised if there is a retest of the breakout zone, but longer term I see more upside.
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WOOF sell-off looks nearlly exhaustedPet Co 1hr ext chart shows the sell-off has slowed down near the 2.618 fib @ $21.80. Also a local POC snapped there, with a bigger one in the 23s. RSI, OBV and CMF look bullish. There's support lower at $20.80 with ATL at $17.87. I'm looking to start stepping in on dips below here with a tight SL under the $20.80 support. PT $25.50-26.50
$WOOF Rising wedgeFrom 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.