Future

<ul class="list-ic vertical">
 <li><span>1</span> <a>CHWY stock price: The company’s share price has been bearish for two months, see what is next.</a></li>
 <li><span>2</span> <a>The company’s 14% revenue growth exceeded expectations, as the management stated.</a></li>
 <li><span>3</span> <a>The current trend is negative and the stock is in its demand zone. See what can be the short-term future of the stock.</a></li>
</ul>
<p>Florida-based pet care firm, Chewy, Inc.(NYSE: CHW) reported its Quarterly results for the 2nd quarter of 2023. The Revenue of $2.78 billion was reported with a year-on-year growth of 14.3%. After the Cost of Goods Sold (COGS), the gross margin of the firm clocked 28.3%. After a negative operating profit, the Net profit for the shareholders was reported as $18.9 million. The reason for this net profit being positive was because of a non-operating income of $36M pre-tax.</p>
<h2 class="wp-block-heading" id="strong-hopes-high-results-higher-strong"><strong>Hopes high, Results Higher</strong></h2>
<p>Sumit Singh, CEO of Chewy, announced that the company achieved solid Q2 results in revenue and profitability. The company’s 14% growth exceeded expectations. It once again gained market share due to its customers recognizing the power of its personalized Autoship service, best-in-class healthcare experience, and overall value proposition as key differentiators. As a result, a robust ordering behavior drives the company’s strong performance.</p>
<h2 class="wp-block-heading" id="strong-technical-analysis-and-prediction-of-the-chwy-stock-price-strong"><strong>Technical Analysis and Prediction of the CHWY Stock Price</strong></h2>
<div class="wp-block-image">
 <figure class="aligncenter is-resized"><img decoding="async" src="https://lh7-us.googleusercontent.com/f5CxOu1lC_t4TL0QscXhbZE0lcaqgPoVnaYntFWGBvFTfjZMXDMi5KqgJevbKy-13KaVUcGN9QwR9EQvRDIfhPy3aEMtU84omLr38Yj7WGihwKacq-P4uYQgZ0H0I0-9LjSozZO59uObAh8V6ox080A" alt="CHWY Stock Price: Shares Down 52% in 2 Months, What’s Ahead?" style="aspect-ratio:2.002503128911139;width: 100%;height:auto">
  <figcaption class="wp-element-caption">
   Chart provided by<a href="https://in.tradingview.com/chart/X78t0Vyp/?symbol=NYSE%3ACHWY" rel="noopener noreferrer nofollow"> Tradingview </a>(weekly time frame)
  </figcaption>
 </figure>
</div>
<p>The CHWY <a href="https://www.thecoinrepublic.com/2023/10/15/backed-by-strong-financials-cey-stock-price-rose-11-6-in-5-days/" rel="noopener noreferrer nofollow">stock price</a> started falling after making up to its 150-day EMA of $37.2. The bulls seemed that they had claimed the uptrend but the selling pressure went high as the RSI was in the oversold level. During mid-July, the CHWY stock reached a high of $38.16, This time bulls finally gave up, which led the stock to free fall, breaking several major support levels.</p>
<h3 class="wp-block-heading" id="strong-the-present-and-the-future-strong"><strong>The Present and The Future</strong></h3>
<p>This bearish trend stopped when the CHWY stock price reached a level of its demand zone at $16.70. At present the bulls have taken control of this support level, trying to make a comeback. The Immediate resistance from this level is $22.42 and the 2nd resistance is $30.66. The 50-day Exponential moving average (EMA) is at $21.04 while the 150-day EMA is at $28.31.&nbsp;</p>
<p>The Relative strength index (RSI) has just recovered from an extremely oversold level of 14.5. As the bulls are showing strength after reclaiming the support level, the RSI line is also rising and it is currently at 45, while its Simple moving average line (SMA) is at 34.</p>
<p>The CHWY price prediction as per the current scenario will be in consolidation. There is a huge gap between the RSI and its SMA, for which the bulls will have to compensate by fighting for a few more days in the ‘immediate consolidation zone’ in the chart above.</p>
<h3 class="wp-block-heading" id="strong-conclusion-strong"><strong>Conclusion</strong></h3>
<p>Chewy, Inc.(NYSE: CHW) is a Florida-based pet care firm. The company showed a revenue growth of 14% in the recent quarter. The current trend in the stock is negative. Even though the bulls have taken support, the prediction is sideways.</p>
<h4 class="wp-block-heading"><strong>Technical Levels</strong></h4>
<ul>
 <li><strong>Support:</strong> $16.7</li>
 <li><strong>Resistance: </strong>$22.4, and $30.6</li>
</ul>
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5>
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading in stocks or related indexes comes with a risk of financial loss.</p>

CHWY Stock Price: Shares Down 52% in 2 Months, What’s Ahead?

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