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Ecommerce Pet Supplier Setting up Bull Flag Breakout

by | Oct 16, 2024

Chewy (CHWY) shares of the ecommerce name are wound tightly in a flag pattern the past month just under the 30 level after it has found buyers on multiple tests of its rising 55 day MA and now looks ready to run above 30 with MACD crossing bullish. A close above the monthly POC of 29.65 likely pushes up to 31.35 value highs while a stronger breakout above that can see momentum to 35. CHWY has seen recent bull flow in the November 8th $32 calls bought over 2000x and still holding as well as 3000 Nov $30 calls bought on 10/8 and still has the 1500 April $35 calls in OI from buyers on 8/28.

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