CHWYCHWY had an unimpeded run up 11.22% today (2/9/22), to rest just below the trend resistance of its broadening formation (the pattern is known for increased volatility and price action as long as price remains within the pattern).I do show $51.04 as an important level of resistance, which after passing price flattened out, but did hold.
CPI data coming out tomorrow might be enough to push
CHWY higher, but I think it's more likely that the ticker continues to trade in its current pattern, dropping in the coming days with the $46.47 area as support, with a potential bounce to even $56.02 if the trend continues.Options flow remains bearish, but slightly less so. I would assumed that traders are playing the broadening formation while it lasts.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.