Chewy shares are climbing with conviction. Why is CHWY stock up today?
Goldman Sachs Trims Price Target But Keeps Buy RatingGoldman Sachs analyst Alexandra Steiger reaffirmed a Buy rating on Chewy while reducing her price target to $34 from $46. The update landed during a volatile session for the broader market, with strength concentrated in Consumer Discretionary at +1.59% while Technology lags with a -1.54% decline.Critical Levels To Watch for CHWY StockEven with Wednesday’s rebound, the longer-term trend remains under pressure. Chewy trades 5% below its 20-day simple moving average at $19.92, 15.7% below its 50-day simple moving average at $22.45, and 35.9% below its 200-day simple moving average at $29.53. When multiple moving averages sit overhead like this, they often act as stacked layers of resistance until price can reclaim them and hold.Momentum also leans cautious. MACD remains below its signal line and the histogram is negative, which shows that upward pressure has cooled compared with the prior upswing. MACD compares faster and slower trend signals, and when it sits under the signal line it often means buyers need stronger follow through to keep a rebound alive.The broader trend structure also reflects significant damage. The 20-day average is below the 50-day average, and the 50-day average is below the 200-day average, a death cross that formed in November 2025. With the stock down 56.34% over the past year and trading only slightly above the $17.40 52-week low, rallies still look counter-trend until the chart begins forming higher highs and higher lows again.
