October 29, 2020, 12:39 pm EDT
2020 Actual Trades: CHWY +28% Profits
Chewy Inc (CHWY) is a 28 billion market cap e-commerce online business for pets on food, healthcare products. COVID-19 pandemic provides an opportunity for CHWY to gain market share from traditional pets stores like Petsmart, and local pets stores because online shopping becomes the only choice. Other highlights from technical perspective are:
- Notice high volume on up days April-May period
- Breakout at June draws attention
- June-July consolidation makes cascade rectangle patterns
- Another breakout at the beginning of August triggers buying mode
- Waiting mild pullback entry point 56.38 on 08/03
- Volatile actions made holding tough but 52.5 support helps CHWY to bounce up again
- CHWY shoot up to 75 within next few weeks but almost wiped out all the gains
- Luckily, 52.5 came to rescue again to carry to finish line 72.43 10/28 with +28% profits in 3 months
