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Chewy, Inc.

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CHWY trade ideas

$chwy looks good for breakdown retestChewy has been getting decimated and appears to be looking for either a primary wave 2 bottom, or we are still in complex correction mode looking for a cycle II bottom. Either way I believe there is going to be a retest of the breakdown and we should rally back into the 80s. Chewy looked strong to close out the week even as the market flushed. The weekly candlestick is also showing signs of reversal and closed just above where it needed to. How to trade this: Bulls: BTD's above 73 a share. Take profits quick on the rallies. If the selling on this name is strong then it will not get to actually touch the breakdown trend line (could still get close but the shorts will begin selling likely around the 30 week MA, 79-80 a share). Stop loss: weekly close beneath the 1.618 (73) Bears: short the rally as it nears the breakdown / 30 week MA. Stop loss above MA or breakdown line, depends on your risk tolerance.
NYSE:CHWY
by btwice53190
JICPT| Chewy tumbled on disappointed Q2 earing & Q3 forecastHello everyone. This is a follow-up post of Chewy that I published two weeks ago. Actually, price reached 97.76, but missed my target 1 of $100 due to disappointed Q2 earning report. The less-than-expected data made the stock gapped down almost 10% at $79.31. Now, the stock has come to the 61.8% fib retracement. We need to see how price will react to this level early next week. If it's violated, price tends to fall to the bottom of the range on the weekly(64-66). Let' look at the fundamental part of the company. According to the CEO, Sumit Singh who is really bullish on the company's future, said that Chewy’s net sales per active customer was $404, up 13.5% compared with the same period last year and active customers of 20.1 million in the second quarter was 21.1% higher than in the second quarter in 2020. That info tells us that more customers who spend more. Will you buy it? Back to the trade management, sometimes we do have good setups, but it missed our target a bit before going against us. It hurts traders a lot. No matter how skillful you're, it just inevitable. But what we can do is trail stops and watch for the possible dangerous sign. Take this one as an example, if you look at the daily chart, you probably notice that price failed to challenge previous high of 97.76 before the earing report. It created a lower high structure indicating momentum is losing. That probably means somebody already knew the data and they tried to front run before everybody knows. That made the price fall from 97.76 to 86ish. Another sign is price closed below the black dash line which separated the uptrend channel by half. Risk management is key to trading business . Don't be too greedy. If you smell something is not right before key data announcement. Just get out to protect your principal and profit.
NYSE:CHWYLong
by JICPT
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