Chewy made a downward triangle breakout and will consolidate for a little while. It should find some support at this price level, which in the short time since its IPO has been a fairly high volume level. However, Chewy's fundamentals don't check out. It's an unprofitable company and doesn't appear to be making progress toward profitability. It may breach support and fall further.
IMO Chewy finds hard resistance somewhere around the 28-30.00 range in which its a buy. However, people's premonition that it COULD be (whether correct or incorrect) is a newer-age pets.com still shows.
Can't see this stock ever getting above 50.00 unless they post a profit for earnings in the near future.
Can't see this stock ever getting above 50.00 unless they post a profit for earnings in the near future.