This is my analisis for the stock pets on how the stock will move ( for long stock red line is when you want to buy and green line is when you want to sell)
(for short stock green line is when you want to sell and red line is when you want to buy)
Shares of PETS were jumping again as a massive short squeeze on consumer stocks continued into its third day.
The squeeze instigated by a group of traders on Gamestop has now spread to other heavily shorted stocks,
There was no news out on any of these three stocks today, and certainly nothing of the kind that would generate this kind of movement for fundamental...
I am looking for a rejection with this pair. price has been ranging for sometime now, as the daily chart shows, price is currently at demand zone with few sellers. it can barely form swing lows. I will wait to see if price would be rejected with some form of candlestick patterns.
$PETS
Testing out this theory (2.0). $PETS fib retracement on the weekly chart work with a wave 1 following an ABC chart. Testing the fib timeline tool for wave 2 entry point. Chart seems to show resistance level from the pennant trend and the 200 MA and the fib retracement at $30.92 and a pull back to the zone btw $29.75-$30.20 – seems to be a support level...
MACD about to exhaust and CCI pointing down
Two selloffs and each time recovered to 50% fib and get rejected from there.
Volume not good above $30
Near term bearish
PetMed Express, an online seller of pet medicine (prescription and non-prescription) is in a hot category with attractive sales and possibly improving earnings. The have a history of disappointing financial reports. But chart-wise, one might consider that good risk/reward as price action attempts to carve a right side of a base. My opinions only. You decide.
Ascending Triangles are repeatable trading chart patterns.
Ascending chart patterns will have a directional bias depending on the previous incoming trend.
Each chart pattern will have defining trendlines of the support/resistance levels creating the pattern.
Whatever time frame you are trading this chart pattern, wait for a candle close outside of the trendline...
PETS bouncing off of major support.
PETS may not be as well known as CHWY and CVET, but has been around longer and has pretty stable 3.5% dividend, that the other hot animal care stocks don't have.
The recent sell-off after earnings could be worrisome, but that is because it missed Q1 high expectations by just .01. PETS did pick up over 186000 new customers,...
PETS has completed the asymmetrical Triangle confirmation, aiming to go up to $50.
Price above MA200 supports growth momentum.
PETS buy : $41-41.5
PETS target : $50 +-1
Stop loss : 10%
Wish you good deals!
Nice looking chart with the bounce off of support, the crossing of the Kaufman's Adaptive Moving Average (KAMA), and a cup-n-handle breakout in the likely near future.
