Bear Food On The Menu?

We all know just how important a pet can become to us. They are like family members and consumers will often go to extraordinary lengths for them. Some names have been unable to benefit from that theme like an ELAN which traded close to 40 a couple of years ago and dropped to single digits recently, but to its credit has started to look better above its 50 and 200-day SMAs as it bull flags. WOOF which came public 2 1/2 years ago and seems to have been in a relentless ever since and is looking like it will extend its current WEEKLY losing streak to 5 as it is lower by more than 4% heading into Thursday. Below is the WEEKLY chart of CHWY, which must face enormous pressure from AMZN, and one can see how important that round 30 number is here. It is the neckline in a bearish head and shoulders, and pivot in a descending triangle too. On its daily chart, it would fill a gap near 30 from the session, but this chart looks very heavy no matter how you slice it.

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