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Here's Why I Still Wouldn't Nibble on Chewy

·2 min read
Here's Why I Still Wouldn't Nibble on Chewy
In this article:
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  • CHWY

In the daily bar chart of CHWY, below, we can see that the shares did improve from June into August but then quickly sank to a new low for the move down by early October. This kind of weak price action is particularly discouraging as the broader market averages have been strong in this same time frame. The On-Balance-Volume (OBV) line slumped to a new low in October and has only made a very limited recovery.