A rectangle pattern has emerged in the chart of Chewy (NYSE:CHWY). If the stock breaks through this pattern, a breakout or a breakdown is expected. Read more to learn how to profit from this set up.A rectangle pattern has formed in the chart of Chewy Inc . (CHWY). When this pattern is broken, a breakout or a breakdown is expected.
CHWY is an online destination for pet parents. The company provides pet food and treats, pet supplies and pet medications, other pet-health products, and pet services. Through its website and mobile applications, it offers Dry Food, Wet Food, Prescription Food, Human Grade, Food Toppings, and Frozen Food among others.
The company performed well during the pandemic, with its stock soaring over 200% last year. The switch to e-commerce provided a tailwind for the company. Even as the economy has been opening back up, both e-commerce and the U.S. pet market is expected to grow, which should benefit the company.