CHWY - Latest ichimoku chart shows a strong momentum, not only both tenkan sen and kijun sen are above cloud, but the thick green cloud ahead interprets more buyers ahead than sellers. RSI shows overbought apparently so this upside could be a s/t move that corresponding with the 6/9 earning release, as well as the sharp increase buying on 6000+ contracts of 7/17...
CH Distance between last support and resistance...
$CHWY - Up but still in a channel. Watching for a confirmed breakout over $45 to issue a buy. Given the sentiment of the market it would not surprise me to see this drop back into the $40s as the market ebbs and flows. This will 100% go higher, but i believe we will see another chance to get a better buy in price. Reasons I like $CHEWY outside of chart: 1....
Indicators pointing to an uptrend, could do well at earnings as an online retailer
** Comments and Likes are appreciated; Subscribers are pet lovers! ** What I see... :: Stock went IPO 1 year ago :: Formed a based for a good 6 months + Steady rise within channel since mid-March low + Peaked at $48 back in early April and pulled back to 0.618 Fib and has been bouncing in between fib for a month! + Last week prices bounced off of 50MA + Friday...
Looking to get in at the neckline of the double bottom on CHWY (Daily)
Coincides with my channels. I already have a position.
NYSE:CHWY Buyers held the 50 day MA along with it being an inside day. I'll be looking at the possible support buy through the 41 against the lod.
Today is the second time CHWY has tested support since breaking out from it's IPO base. I'd prefer to see a close above the 20-day EMA but willing to overlook it considering the setup. Stop below today's candle
This is another set of early long setup scan results from my pullback strategies. Remember - A good trade is - Definable, Manageable and then Profitable. So, Define your Risk, Manage your Risk and eventually you will be profitable. Good Luck. If trading options - The Vol Skew can be your best friend. Choice of Strike defines your Profitable Trades.
CHWY is a strong stock at a level of horizontal support. It is breaking its counter trendline resistance. It has bullish divergence between price action and the CSI(10) oscillator on the hourly chart. I am using the next level of support as a stop loss and measured moves from my take profit, which are congruent with historical resistance price levels.