CHWY has had its ass beat for a long time now. However, things may be turning around soon.
Pictured above is a big-ass wedge formation as well as bearish divergence on both the RSI and the MFI which indicates to me that we could be looking at a major reversal to the upside.
Despite the decline in the pet sector, Chewy has faired much better than its competitors...
This post is in reference to my last one.
In this chart, we can clearly see bearish divergence on the MFI which signals to me a correction to the rally we’ve been experiencing these last couple months. We can already see this small rally fizzling out after the second wave in the channel pictured above.
I’ve been watching and trading CVNA for a few years now. We can see it trading in a bullish channel, however it is facing resistance at the top part of the channel. RSI is well-overbought and we are also seeing bearish divergence on the MFI which is signaling to me a correction in the near-term. Looking for support from the peak of the last rally with a price...
