Mark’s right, I have used Chewy (Ticker: CHWY) to order cat supplies.

And for the record, we only have one cat.

Not that there is anything wrong with having more than one.

Cats actually have more personality than I realized, but only cat owners know that.

Probably why they get a bad rap sometimes.

Mark also brings up a good point: Why use CHWY when Amazon, Target, and Walmart can do the same thing and you can add non-pet supplies to your order?

Based on my analysis, here’s where I think CHWY is headed next…

The pet market is a tremendous one, just crossing over a billion dollars with 70% of Americans owning a pet.

People spend a ton of money on their pets.

Let’s look at the chart:

CHWY is currently sitting at support provided by the lows of May 2022.

If it cannot hold this level, the next support is down at $19.40 and below, way down at $13.00.

Hard to say where CHWY is going in the near term.

It could try and rally to close the gap created on August 30th taking it back up to $26.83.

Remember, after closing a gap, a stock may continue in the direction from where it came.

That would be back down in CHWY.

You have the levels, trade accordingly.

Thanks for reading … See You Next Tuesday,

Licia Leslie