New Chewy Price Target as Pet Retailer Takes Brutal Step Back
Chewy and two other names all broke hard recently and the selling is likely not over.
You're reading 0 of 1 free page.
Register to read more or Unlock Pro — 50% Off Ends Soon
Let's check three stocks that appear technically bearish and look ready to short.
While we will not weigh in with fundamental analysis on these issues, we will pop the hood for a look at the charts.
Let's dig in.
1. Rubrik Gets Slammed
Just miserable action for this newer issue Rubrik (RBRK). The stock was slammed severely, a series of lower highs/lower lows was the trend and that continues. The massive down session on heavy volume tells us the bears are not finished yet.
There is some support though at the 200-day moving average, let's call it $78, but I doubt that will hold here, there is simply too much selling pressure. That would be our first target area.
Volume trends are strong and bearish, while the money flow just went negative. Nothing bullish about this chart. Let's target $78 and then down to $65 for the next leg.
2. Intense Selling in Synopsis
Horrific day for this massive tech company Synopsis SNPS. It had to be its worst day in history, nearly 40% down in one session on the heaviest turnover ever. The sellers really unloaded on this thing Wednesday and it appears more downside is coming.
Money flow plunged to new depths, RSI did get oversold so a bounce could happen but that won't be anything significant. MACD remains on a bearish crossover. Just nothing positive about this chart but a bearish play is in the offing. Let's target the $400 area here and use a wide berth for a stop, at $480.
3. Chewy's Chart Is for the Dogs
The bulls were not barking out loud for this online pet store retailer this week. A miss on earnings was all the bears needed to knock this once darling stock down to size.
Chewy CHWY had been on the rise the past month with a series of higher highs, higher lows and decent volume. But the big miss on earnings was enough to erase all of those nice gains.
Money flow is turning bearish, MACD is on a sell signal now and volume trends are bearish. That heavy volume bar to the downside was massive and signals the big money players are letting this one go. Let's target $31 and then down to $29 for a nice profit gain.
