MAPLEBEAR INC is showing promising signs of setting up for a breakout.

MAPLEBEAR INC (NASDAQ:CART) has been identified as a Technical Breakout Setup Pattern by our stock screener. This pattern typically occurs when a stock takes a pause after a significant rise, indicating the possibility of a continuation in the trend. While it's impossible to predict with certainty, it might be beneficial to monitor NASDAQ:CART.

Zooming in on the technicals.

ChartMill assigns a Technical Rating to every stock. This score, ranging from 0 to 10, is updated daily and is determined by evaluating multiple technical indicators and properties.

Overall CART gets a technical rating of 9 out of 10. This is due to a consistent overall performance, although we see some doubts in the very recent evolution. In the medium time frame things are still looking good.

• The short term is neutral, but the long term trend is still positive. Not much to worry about for now.
• When comparing the yearly performance of all stocks, we notice that CART is one of the better performing stocks in the market, outperforming 90% of all stocks. We also observe that the gains produced by CART over the past year are nicely spread over this period.
• CART is one of the better performing stocks in the Consumer Staples Distribution & Retail industry, it outperforms 85% of 43 stocks in the same industry.
• CART is currently trading in the upper part of its 52 week range. The S&P500 Index however is currently trading near a new high, so CART is lagging the market slightly.
• In the last month CART has a been trading in the 40.17 - 50.01 range, which is quite wide. It is currently trading in the middle of this range, so some resistance may be found above.

Check the latest full technical report of CART for a complete technical analysis.

How does the Setup look for NASDAQ:CART

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 and the volatility has been reduced. There is very little resistance above the current price. There is a support zone below the current price at 41.99, a Stop Loss order could be placed below this zone.

Trading setups like NASDAQ:CART

A breakout could materialize when the stock breaks out to new highs above the current consolidation zone. One could wait for this to happen and buy when this happens. A stop loss could be placed below the consolidation zone.

Disclaimer: This article is not intended to provide trading advice. It is crucial to conduct your own analysis and consider your own observations and trading style when making investment decisions. The article solely presents technical observations and should not be relied upon as a sole basis for trading.

Every day, new breakout setups can be found on ChartMill in our Breakout screener.

Keep in mind

This article should in no way be interpreted as advice. 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.