Chewy Inc (CHWY) Under Pressure, Here’s The Trade Level

Leading online pet products retailer, Chewy Inc (CHWY), is making a new 52-week low today. The stock topped out in Mid-August at $97.74  a share. Since that high pivot, the shares have dropped sharply and currently trade at $59.29 a share. It should be noted that Chewy Inc (CHWY) stock is now trading below its important 50 and 200-day moving averages. This puts the stock in a weak technical position on the charts and often signals lower share prices ahead.

The next major stupor tlevel for Chewy Inc (CHWY) stock will be around the $50.00 area. This is where the stock broke out back in late July 2020. It is also a price level just above a major whole round number at $50.00. Major whole round numbers are usually defended when initially tested by the institutional crowd. This combination of supporting factors should make a very solid long side trade at this key support level.    

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