Chewy, Inc.Long
Looking good for $CHWY
Updated
This is a play I actually entered into about a week ago pre-earnings. Price jumped after having their first profitable quarter and their financials look great. Prices pulled back as expected because the market is f'd up like that and these past few days have presented a second-round buying opportunity. It went from overpriced at $120 with a fair value of $80-$90 down to that range and should return to the mean $90-$100 range soon. Also looking for a cross on the hourly macd which historically has been a good indicator for CHWY. The 4hr macd does not look as hot so do keep that in mind, however with less price history on a stock I tend to find it not as powerful.
Entry: $78.66
TP: $97-130
May enter into a long-term position after getting to these levels because this is a great company and as long as Amazon doesn't go to full out war with them should be profitable every quarter within the next year.
Entry: $78.66
TP: $97-130
May enter into a long-term position after getting to these levels because this is a great company and as long as Amazon doesn't go to full out war with them should be profitable every quarter within the next year.
Trade active
Note
1HR 50/200ma has crossed, price is grinding the trend up, trend support is slightly above my avg entry price of $78.66. One might ask, why the f*$% didn't you sell at 90 when you were up 14.4%!? Well, my friend, hindsight is 20/20.
With recent earnings, this is a position that I now look at holding for a longer period. Two things could happen IMO, we go to $100 resistance then retrace some and go to $120+, or we hit $100 and go straight to $120+. Based on market trends I will decide on whether I want to take profit in the 90s and buy back lower, or just hold till Q3-Q4.
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