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Chewy, Inc.

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CHWY trade ideas

JICPT| Chewy bullish setup works, approaching target1!Hello everyone. This is a follow-up post regarding the bullish setup of Chewy published 10 days ago. Price has been up by ten dollars from 85.38 to 96.94 as of now. The first target is 100 with the second one around 120. The logic of the setup remains the same. If you're interested, please refer to the linked idea below. It couldn't be better to watch the setup works. If it doesn't, I'd like to review the process, and try to figure out there is any missing part. If it caused by the breaking news, I would let it pass and focus on the next one. Give me a like you're with me. Have a nice weekend!
NYSE:CHWYLong
by JICPT
JICPT| Chewy bullish setup with target of 120! Hello everyone. I just identified a nice bullish setup of Chewy on the daily chart. Let's look at the higher timeframe first. Weekly: Price is trying to challenge the upper boundary of the range. Once it firmly closed above $92, the target would be previous high of 120 using measured move tactics. Daily: The uptrend channel has been respected well. The wick candle of yesterday indicated buying pressure inside the demand zone. This is a brief multi-timeframe analysis. I don't go to lower timeframes, e.g. 60m. Give me a like if you're with me. Thanks for your support.
NYSE:CHWYLong
by JICPT
4
CHWY. Pets are royalty! For the past month, I have been holding a decent amount of CHWY stock, and have been watching the chart very closely. As time goes by, more and more people buy pets, AND treat their pets like their children. With that being said, this company has a very bright future ahead of it in my opinion. People constantly buying food, toys, bones, and products for their pets, and there's no better place to do so then on their website! Given the fact that they are indeed a website, this is very good for their annual revenue, as they do not need to worry about the average costs it takes to run an in-person store. This is also key in the fact that since Corona Virus has started, more and more people do their shopping ONLINE, driving in a ton of more customers to their platform. As for Earnings, they have beat them for the past SIX reports, beating them by more and more each time. Fundamentals=Beautiful. As for the Technical side of things, looking at the daily chart, it seems to be in an Inverse Heads & Shoulders formation, which more times than none, tends to be bullish. For the past week, it has been fighting light resistance at around the $90 area. The key word there, is LIGHT, as I believe if we do in fact get a breakout, that will push us through the final resistance of $92, sending it back into the $100's. As for my entry, I had originally bought in at $81, and have averaged my way down to where my price average is now, which is $77.50. I truly believe in the GROWTH, as well as the sustainability of this company, and plan on holding over the next few years.
NYSE:CHWYLong
by JustOffTopic
2
CHWY : A PET LOVERS CHARTI know my husky is excited about CHEWY reporting earnings this week. With market profile supply around $80 I must be bearish . There is a lot of areas of supply above those levels. The trendline that began last year in March was finally broken in April this year with a close below the trend line . It rallied afterwards for a few days but all it was, a dead cat bounce, where hopium took over the buyers believing that it was the bottom and the new rally would begin. It continued dropping and it had no problem breaking the trendline once again but with more force to the downside that time. To not my surprise it rallied from an area of market profile demand where a continuation formation was seen kissing the 20MA giving us confluence and a stronger signal to go long, but that is all in the past and what we should focus is on the present and future. The previous trendline has turned into a polarity trendline where previous Support held but now Resistance stands. I am expecting price to hit its head there. I will see how price creeps up prior to earnings and when the time comes I will look to buy the $72 puts, I will do so when price hits $80.23 or if the momentum is to high I will go ahead and wait for it to hit its head on the $86 level of supply. I will not ignore the evidence of changing circumstances but as of now in those levels I am bearish . Not looking to go long anywhere until the $71.25 area. #TTP #TrusTheProcess
NYSE:CHWYShort
by aramBull_Bearnando
1