By Mill Chart
Last update: Apr 16, 2024
Our stock screener has identified MAPLEBEAR INC (NASDAQ:CART) as a potential breakout candidate. This technical breakout setup pattern occurs when the stock consolidates after a strong uptrend. While the actual breakout is uncertain, it may be worth keeping an eye on NASDAQ:CART.
ChartMill utilizes a proprietary algorithm to assign a Technical Rating to every stock. This rating, ranging from 0 to 10, is computed daily by analyzing a variety of technical indicators and properties.
We assign a technical rating of 7 out of 10 to CART. Although CART is a bad performer in the overall market, the technical picture looks good in both the medium and short term time frames.
Check the latest full technical report of CART for a complete technical analysis.
In addition to the Technical Rating, ChartMill provides a Setup Rating for each stock. This rating, ranging from 0 to 10, assesses the level of consolidation in the stock based on multiple short-term technical indicators. Currently, NASDAQ:CART has a 8 as its setup rating, indicating its current consolidation status.
CART has an excellent technical rating and also presents a decent setup pattern. Prices have been consolidating lately. A pullback is taking place, which may present a nice opportunity for an entry. There is very little resistance above the current price.
One strategy to consider is waiting for the actual breakout to occur, where the stock breaks out above the current consolidation zone. Traders can then enter a buy position, anticipating further upward momentum. As a risk management measure, it is advisable to set a stop loss order below the consolidation zone.
Please note that this article should not be construed as trading advice. The information provided is solely based on automated technical analysis and serves to highlight technical observations. It is important to conduct your own analysis and make trading decisions based on your own judgment and responsibility.
Every day, new breakout setups can be found on ChartMill in our Breakout screener.
This article should in no way be interpreted as advice in any way. The article is based on the observed metrics at the time of writing, but you should always make your own analysis and trade or invest at your own responsibility.
MAPLEBEAR INC
NASDAQ:CART (4/29/2024, 4:20:01 PM)
After market: 34.48 0 (0%)34.48
-0.21 (-0.61%)
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With a solid technical rating of 7 out of 10, MAPLEBEAR INC (NASDAQ:CART) is showing strong indications of a possible breakout.
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