CHWY trade ideas
CHWY inside week breakout longChewy is related to 2 of my major focus in 2021:
1. Pet stocks
2. GME
and here we got this inside week, if it's able to break to the upside,
I'm willing to establish some long positions.
Let's see how it goes!
CHWY: The Covid Re-Opening Is Not Going To Stock This Tail WagChewy has taken a breather since it hit it's ATHs in mid Feb. This is a secular drawdown due to the recent rise in rates that has hit all high growth stocks. There is also a perception on this name that it is a "Covid Play" and that it won't continue to gain market share and grow at the same rate during Covid. Yes- CHWY did get incremental growth from Covid lockdowns, however new pet owners who have always used CHWY are not going to start going into Petco to get their food, toys, medicine and other pet related items. They will stay with CHWY.
I think CHWY has developed a strong support level at ~$100 and any dips below that should be bought. I am tracking an $97 support level as well from it's low to start the year. If it broke that $87 level I would re-evaluate the situation.
My 6-Month PT is $125.
NEW POSITION $CHWY Target 106.53 for 22.94% Or double at 66.77$CHWY Target 106.53 for 22.94%
Or double down at 66.77
I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed.
GL and happy trading.
initial Pattern completed. Levels to watch.Buy on the pullback, short to dust or wait and see?
Chewy had an amazing 2020. It's very popular and growing but highly valued. Also, it gets lumped in with "covid" stocks like pton and tdoc, which isn't totally fair.
Nice bounce off intermediate trendline on Friday, but market weakness is here and presents challenge.
The SP has just corrected and is now in the process of deciding what's next.
Earnings 4/1. Here are some levels I'm watching...
CHWY Long Term Outlook $CHWY D Time Frame update.... Completed 5 impulse waves up and came a few cents off my wave 5 target from previous analysis... Now with market volatility and uncertainty where do we go now? Stimulus is being passed to the house to finalize the package, If we do get the stimulus keep eyes on retail as consumer spendings should increase, which means .... more pet toys and pet products! CHWY is a strong online pet retail brand and has been doing well during this pandemic!
If you are a pet lover here are some other pet related stocks that you can invest in ($WOOF, $PAWZ, $TRUP, $PETS) ... $PAWZ is the ETF that has lots of great holdings that are pet related! CHWY is one of their top 5 holdings as well.
CHWY: Rising WedgeChwy has had quite a run up but now weakness is coming.
1) Weaker MACD signal on the run up
2) Bearish Wedge consolidaiton
3) Lower volume (confirming of a rising wedge)
Will face some headwinds amidst expected forward rising inflation which will reduce margins and push the profitability potential around in the future. Good time to exit long and start considering short.
;) trend channel doesn't lie great trend channel here and could easily break it if market is bullish next week. conservative price target 121 in the short term. goodluck :)
CHWY Bullish Continuation from C&H CHWY has recently formed a cup and handle pattern near all time highs.
Broke through with the handle with exceptional volume, expect a continuation and push into high 120s possibly 130s
Chewy last issued its quarterly earnings results on December 7th, 2020. The reported ($0.08) earnings per share for the quarter, topping the consensus estimate of ($0.13) by $0.05. The firm earned $1.78 billion during the quarter, compared to analysts' expectations of $1.73 billion. Its revenue for the quarter was up 44.9% on a year-over-year basis. Chewy has generated ($0.63) earnings per share over the last year.
$CHWY AlertA lot of great investments come from what we see around us everyday, as well as the volume in what we take in.
Evidently CHWY has been everywhere I look. Almost every other house has an empty CHWY box out front, not only AMZN anymore. Viewing from a more technical view on their 1D chart they seem to have broken through their ascending triangle. While they are seeking to set new highs we have been successful in achieving 70% + short term gains, I still believe there is a lot of long term potential here to be had.
CHWY BreakoutMy Opinion:
CHWY appears to be breaking out...
Not going to chase the run, unless slight pullback...
Thoughts?
CHWY Acting Well at Key Moving AveragesCHWY continues to find support at the 10 and 20-day EMAs. The breakout on 01/13 failed to get going and likely shook out a lot of longs. Today looks like it may be trying to extend out from this consolidation. Really easy spot to put on a position and manage risk with the stop around $98. It's possible that this one moves slowly at first as it grinds through supply. Hoping we get a handle near the highs to add to my current position. Long
CHWY one last push? CHWY holding that support line nicely and bounced off 50 day EMA. Watching for a breakout of the downtrend for a clear reversal to retest ATH. Break of the support line this could be a nice short down to 94 under that I can see an overall move down to 87.
High Risk High Reward play
Playing options have a tight stop loss on this as its very overextended stock
Key Levels:
Support: 101.40, 98.60, 97, 94
Resistance: 104.20, 106.85, 110, 112
Waiting for a breakoutOriginal channel - white lines/ red divider
New uptrend - yellow lines
Breakout area - 107 .25 (greenline)
target - 114
