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CHWY False Breakout After RoaringKitty Announcement

RoaringKitty has been pumping and dumping every stock that he’s associated with. Recently RoaringKitty announced a $200 million+ position into CHWY and the price formed a bullish breakout above the green trendline. I think the price is retesting the trendline here, and this is not a bad entry.

However, the seasonality is bearish for the next few months and extremely bearish in September. I prefer to make an entry near the end of September ahead of a seasonally bullish October. I will add CHWY to the calendar for a trade setup in September.

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